Dubai estate agent touts three-year repayment

  • Share via facebook
  • Tweet this
  • Bookmark and Share

A Dubai real estate agent is aiming to drum up interest in the much delayed Dubai Sports City development by offering apartments with a 38 percent initial deposit and three-year repayment plan.

Silver Heights, the sales arm of real estate developer Orion Holding, is marketing the units at Olympic Park.

According to property listings portal, Olympic Park units start from AED431,040 (US$117,350) for a one-bedroom. With a 38 percent down payment of AED163,780 (US$44,589), a repayment over three years would be around AED7,423 (US$2,020) per month.

The agent's report claimed “that factors like affordability, thin traffic, highway location, modern amenities and global sport academies have made Dubai Sports City a favourite destination for people working in TECOM and Jebel Ali Free Zone areas”.

Despite the agent’s claims and the latest offer, Dubai Sports City has long been the subject of controversy between disgruntled investors and sub developers on some of the stalled residential projects.

In September last year, over 370 investors in some Dubai Sports City real estate projects were due to hand in a petition to Dubai Land Department urging authorities to audit the project and investigate delays by third-party residential real estate subcontractors.

Launched in 2003, Dubai Sports City is part of the Dubailand master development and was set to include cricket stadium, 60,000 multi-purpose stadium, 10,000-seat indoor stadium, sports academies, golf course and a range of third-party residential and business premises.

According to the investors’ petition, they claim “what we have is a half built sports city, with many building plots standing abandoned and investors chasing non-existent developers to try to get their money”.

While the US$4bn project continues to host a series of high profile international sporting and entertainment events, including the Pakistan Australia Twenty20 International cricket series, Dubai was one of the markets hardest hit by the global downturn, with real estate prices dropping by up to 60 percent and nearly half of projects in the emirate stalled or cancelled.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Facelift or folly: Belgrade braces for Dubai-style makeover

Facelift or folly: Belgrade braces for Dubai-style makeover

Construction for the Belgrade Waterfront project is due to kick...

How potential loopholes could limit impact of Saudi land tax

How potential loopholes could limit impact of Saudi land tax

Move aims to help the government meet promises to build 500,000...

Coming to America

Coming to America

As Barack Obama seeks to rebalance the bloated US economy, the...

Most Discussed
  • 17
    Nakheel PR: The toughest job in Dubai?

    You forgot to mention the sewage pit between JLT and Jumeirah Park and the terrible landscaping in Jumeirah Park The chain link fencing they want to install... more

    Monday, 30 March 2015 9:05 AM - An Emaar Fan
  • 14
    Dubai Int'l T1 is too congested, says Indian airline boss

    Question: All you people, criticizing my comment, do you work for Air India by any chance?

    Additionally, for all the whiners, I will provide you... more

    Tuesday, 31 March 2015 12:50 PM - Mosa
  • 9
    Post traumatic stress?

    I once had a Emirates Post employee hang up on me when I asked her to repeat something. That said, the worst is my management company, Kingfield Management... more

    Sunday, 29 March 2015 6:07 PM - Sarah