Growing demand for affordable housing in the UAE is driving Danube Properties to launch a new project in the coming months, says the company chairman.
“We don’t see demand slowing for affordable housing. All our affordable category projects are 93 to 95 percent sold. We are holding five to seven percent of the stock to ensure our offices in Saudi Arabia and India have enough stock to sell in those countries,” Rizwan Sajan told Arabian Business.
“This market will never die as there are plenty of people living in rented apartments across the UAE and we are seeing them convert into owners from renters. Those who have decent jobs and have lived here for four to five years can buy our properties.”
This week, however, a report by Global Capital Partners and Reidin.com said demand for units below $272 (AED1,000) per square feet (psf) had increase just nine percent compared to 35 percent rise for dwellings priced at more than AED1,000 psf in the first five months of the year.
Sajan said that the company has been scouting for land opportunity in Dubai, particularly in areas where infrastructure is complete.
“Our projects are in Al Furjan and Arjan or other master developments, where infrastructure is fully developed. Given that we are selling all our projects, we are looking for more land and aiming to launch a new affordable housing project before August,” he said.
The developer on Sunday launched its first “affordable luxury” housing project $123 million (AED450m) “Bayz”, claiming it offered the “lowest launch price” in Business Bay. Unit prices start at $341 (AED1,250) psf.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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.