Prices bottoming out make this the best time to buy for investors and end users, says Rizwan Sajan.
Demand for affordable housing, particularly one- and two-bedroom homes, is growing fast in Dubai, where freehold prices have bottomed out, and a leading developer says now is the best time to buy for both investors and end users.
Affordability, Quality and Returns
Danube Properties, the real estate arm of Danube Group, said affordability, quality and return on investment remain the key drivers of demand for new properties. With prices at their lowest, now is the time to invest in Dubai property, said Rizwan Sajan, founder and chairman of Danube Group.
Speaking at a press conference, Sajan said the "stop renting and start owning" trend has grown immensely and that Danube is proud to be a pioneer in affordable housing. He said 95% of Danube's recently launched Dh400 million Miraclz project has been sold.
He also said Dubai's housing sector would grow in 2017, with more projects serving the middle-income segment, which had been under-served and had recently seen many transactions. With attractive payment plans, the affordable housing market, currently undersupplied, would see further demand growth from middle-income buyers, he said.
A New Brand Ambassador
Bollywood actress Sushmita Sen was introduced as the new brand ambassador of Danube Group at the event, alongside the Group's managing director. Sajan said the group was extremely happy with the response to Miraclz and was looking to introduce new concepts in affordable housing, and that work on all seven other Danube projects, including Dreamz, Glitz 1, 2 and 3, Starz and Glamz, was progressing well.
This year, Danube hopes to deliver 851 units and plans to launch new projects worth Dh1 billion. The total book value of Danube Properties stands at Dh2.2 billion.
About Miraclz
Located in Arjan, next to Miracle Garden, Miraclz offers fully furnished studios and one- and two-bedroom apartments with modular furniture and a European-technology convertible sofa that turns into a queen-sized bed with a light pull, giving residents a spacious living room by day and a guest room at night.
Sajan said Sen would endorse the group's diverse offerings and feature in its marketing materials, describing her as a natural fit who stands for the values Danube Group stands for and is admired by people around the world as a symbol of grace and credibility.
