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Thu 15 Sep 2016 03:26 PM

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Dubai developer sees 'phenomenal response' to affordable homes plan

Dubai Properties launches Portuguese-inspired Casa Dora at Serena, part of residential housing concept in Dubailand

Dubai developer sees 'phenomenal response' to affordable homes plan

Dubai Properties has seen a "phenomenal response" from investors to the launch of the Portuguese-inspired Casa Dora at Serena, part of a new affordable residential housing concept in Dubailand.

The first phase, Bella Casa at Serena, was sold out earlier this year, the developer said in a statement.

It added that the launch of Casa Dora aims to complement DUbai Government's plan to create affordable housing for mixed-income groups.

The Serena development spans a total area of 8.2 million sq ft  and will offer three community centres, retail options, kids play areas, swimming pool and gym, and a clinic.

Casa Dora will feature two bedroom apartments and two- to three bedroom townhouses, all with the option of a maid’s room.   

Recent statistics from finance comparison website compareit4me.com demonstrated that home mortgage enquiries went up substantially in the first four months of 2016.

This rise was particularly notable amongst salary earners of between AED8,000 and AED19,999 per month showing a three-fold increase in March and April, pointing towards a strong user base for Dubai.

The trend is expected to continue as the Dubai Land Department has announced it expects real estate transactions to reach AED300 billion in 2016, compared to AED267 billion in 2015.

Marwan Al Kindi, executive director, Sales and Sales Operations said: “Casa Dora reflects DP’s commitment to supporting the creation of a healthy real estate market in the UAE.

"The unparalleled customer response to the launch of Casa Dora at Serena indicates that Dubai’s property market is widening the pool of potential buyers and we will continue to work with the Government to find the right solutions to develop this market to a mature level.”

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