Dubai Properties completes affordable homes project

Property development arm of Dubai Holding is aiming the complex at mid-income families.
Dubai Properties completes affordable homes project
NEW HOMES: The Ghoroob complex in Dubais Mirdif. (Supplied)
By Shane McGinley
Mon 13 Sep 2010 04:15 PM

Dubai Property Group, the property development unit of Dubai Holding, has completed construction of an affordable residential development in Mirdif, the company said in a statement on Monday.

Ghoroob is a 3.3-million square foot apartment complex in Mirdif and will feature a mix of studio, one, two and three-bedroom apartments ranging from 956 square feet to 1,861 square feet.

The project is located close to the new Mirdif City Centre Mall, Mirdif Rashidiya Metro Station and the Dubai International Airport.

Dubai Property Group (DPG), which also built the Jumeirah Beach Residence towers in Dubai Marina, is aiming the apartment complex at mid-income families in the emirate.

"The completion of this project bears testimony to the diversity of our real estate portfolio, which has been devised to meet the evolving demographics trend in Dubai,” said Khalid Al Malik, Group CEO of DPG.

Earlier this month, it was reported that the price of property in Dubai is continuing to fall, with apartments sliding by 2.25 percent in July in comparison to June, according to a local real estate data firm.

Reidin.com said that villa prices had slipped by 1.19 percent last month in comparison to June. The firm’s all-residential sales price index saw a nominal drop of 0.85 percent in the same period.

In June, the agency’s main index dropped by 0.35 percent. It slipped by 1.23 percent in May.

However, year-on-year, Reidin.com’s all-residential index showed 1.33 percent increase in July.

In quarterly terms, the apartment price index dropped by 5.23 percent in the second quarter in comparison to the same period last year.

Prices in the smallest apartments fell the furthers, with Reidin.com’s 50 square metre or less dropping by 10.98 percent in July compared to the same period last year.

Apartments and villas belonging to the 101-150 square metre category held their price best, only dropping by 0.99 percent per year.

Reidin.com’s index was launched in partnership with Dubai’s Real Estate Regulatory Authority (RERA) earlier this year.

The firm gathers data from a number of sources including transactions for certain districts and communities in Dubai.

The data provided stems from seven citywide indices and a total of 19 district and project-based indices, including Business Bay, Downtown, Dubai Marina, Jumeirah Beach Residence, and The Greens.

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