Apartments will be priced in the region of $109,000, said Shaikhani Group MD Mahmoud Shaikhani
Dubai-based developer Shaikhani Group has revealed plans to launch a tower of apartments with just studio apartments.
The current trend of affordable housing in Dubai has led developers to launch more competitively priced projects.
Danube Group has built its entire portfolio on affordable housing and has sold out every project it has launched.
Following that trend, Shaikhani Group has said it will launch an entire block of studio apartments in one of its upcoming launches.
“In the Arjan project, we have completely planned it on studio design — all the apartments are studio,” Mahmoud Shaikhani, managing director of Shaikhani Group told Arabian Business.
“There’s a parking space with each of the 260 to 300 units. The studio sizes are different, starting from 400 sq ft to 700 sq ft. The majority will be 400-500 sq ft, but the range is about AED400,000 [$109,000] per apartment. Most people can’t afford the AED700,000 [$190,000] to AED800,000 [$218,000] price for an apartment.”
Rizwan Sajan, Danube Group chairman and founder, speaking at the recent Cityscape Global, said property in Dubai has never been priced better, and urged people to buy now, regardless of whether it as a Danube project or not.
“At the moment it's a very good time to buy a property. I always believe that Dubai is a very small country and it's going to be full very fast. When it starts filling, you will not be able to buy a property,” said Sajan, speaking to Arabian Business at Cityscape.
“Today, because it's at the bottom of prices, it's a buyers' market. One should look around for deals any go and invest in Dubai property because I'm not sure whether you'll get the same property next year or after that. You don't have to buy only from Danube, go and buy anywhere, but invest in Dubai.”
He suggested people should invest in affordable housing rather than paying high rent particularly if there are plans to stay long-term.
"Rental is very high over here. If you have long-term planning, why not buy your own property and live in that? At least after 8, 9 or 10 years the property will belongs to you, rather than paying lifelong rental and the property doesn't belong to you. We are targeting that middle segment market where people are staying in rental and trying to convert them to buy our property.”
Danube Properties, the development arm of Danube Group, started two years ago and has launched six projects in that time, all of which have sold been sold out.