MAG Development says it is investing more than $2bn in residential projects in Dubai
MAG Property Development, the real estate development arm of MAG Holding Group, has announced the launch of a AED8 billion ($2.18 billion) investment in residential projects in Dubai.
The investment will be injected into the market to provide three major projects - MAG City in Meydan, Al Furjan Villas and MBL Tower in Jumeirah Lakes Towers.
The developer also announced a programme of AED120 per day payment option to own a property in Dubai without any additional terms or fees.
“The programme will help to enhance the attractiveness of the Dubai market globally by attracting foreign investments into the sector, and luring qualified people to move and live in Dubai," said CEO Talal Moafaq Al Gaddah.
“The new project, which is a special programme for affordable housing, and supports investors of all categories alike, is based on the company's vision that developers' policies must change to meet market demands and keep pace with its development and growth rates, as well as the diversity of projects," Al Gaddah added.
He said the growing demand for medium-size housing units in the coming years places a "real challenge" to real estate developers assure market balance and translate Dubai's ambitions into reality.
Al Gaddah added that all payment plans would mean the customer will not have to pay registration fees, service fees or any other administrative fees, while the payment periods vary between 10, 15 and 20 years.