Danube Properties has unveiled an affordable housing project in Dubai that will allow homeowners to turn “one room into two”.
Based at Al Furjan, near the Ibn Battuta mall, the Ritz project, will comprise 452 fully-furnished apartments, comprising studio, one- and two-bedroom units.
The design for its architecture and interiors came from Danube’s in-house team.
The rooms features a bed which can be tucked into the wall during the day, thus creating a larger living room space.
At night it can be lowered to transform the accommodation into a bedroom.
The Ritz also includes retail space and a gym, together with an outdoor running track and swimming pool, tennis and badminton courts and a basketball area.
Rizwan Sajan, founder and chairman of Danube Group, said: “We are bringing the latest home technology to our customers at a time when consumers are looking for more with less.”
The development is aimed at new couples and small families and comes fully furnished.
The launch comes at a time when the luxury part of the property market is experiencing a softening, but Danube is confident it will be a success.
“Real estate is a long term business and I am a firm believer in the long term sustainability of Dubai’s economy, which is very resilient,” said Sajan.
“The Emirate will need 18,000 new homes per year for the next five years to accommodate the [estimated] one million new consumers.
“The current supply of 12-13,000 per annum falls well below the anticipated demand. Besides more than 80% of Dubai’s population live in rented homes.
"With property prices coming down to a more realistic level we see the possibility of a large-scale migration to home ownership from rental homes," Sajan added.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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