Danube Properties now holds 10% of the market share of off-plan sales, double what it the previous year
Danube Properties recorded a 78.5 percent jump in sales of residential units in 2018, bringing its total market share of off-plan sales to 10.6 percent, the company announced on Wednesday.
In 2017, the company’s market share stood at 5 percent.
In a statement, Danube said that the company sold 1,869 residential units last year. Of the total, 89 were ready-to-move-in while the rest were off-plan properties.
The value of the sales rose 19.26 percent to AED 978 million last year, compared to AED 820 million in 2017.
“Despite strong headwinds affecting the growth of the global economy, the UAE economy remains an oasis for growth,” said Danube Group founder and chairman Rizwan Sajan.
“The end of conflicts elsewhere in the Middle East bodes well for growth in the regional economy. We see strong growth opportunities, and we remain fully committed to the local economy and the real estate sector with more project launches as we move forward,” he added.
Danube Properties has so far awarded AED 1.6 billion worth of construction contracts involving 10 of the 12 projects launched so far.
In 2018, Dubai completed construction of 358 residential units while it awarded construction contracts for 926 units.
The developer had 1,339 units in the tendering stage and an additional 17 percent in the design stage.
“Danube Properties’ stellar performance reflects our firm belief in the affordable housing market,” said Danube Properties director and partner Atif Rahman.
“Despite challenging market conditions, we have recorded 78.5 percent growth in volumes and 19.27 percent growth in the sales transaction value.
“The market is the best regulated real estate market not just in the region but globally and it is an amazing time to do business,” he added.
Rahman added that 2018 has been the company’s best year so far.
“These results show that if you have the right properties at the right location and are offered at the right price with the most competitive payment plan, customers will buy them,” he said. “We have proven this time and time again in all the 12 projects launched by Danube Properties so far.”