Property in Dubai has never been priced better, according to Danube Properties chief, Rizwan Sajan.
The founder and chairman of Danube Group said now is the right time to invest in property, whether it’s a Danube apartment or not.
“At the moment it's a very good time to buy a property. I always believe that Dubai is a very small country and it's going to be full very fast. When it starts filling, you will not be able to buy a property,” said Sajan, speaking to Arabian Business at Cityscape.
“Today, because it's at the bottom of prices, it's a buyers' market. One should look around for deals any go and invest in Dubai property because I'm not sure whether you'll get the same property next year or after that. You don't have to buy only from Danube, go and buy anywhere, but invest in Dubai.”
He suggested people should invest in affordable housing rather than paying high rent particularly if there are plans to stay long-term.
"Rental is very high over here. If you have long-term planning, why not buy your own property and live in that? At least after 8, 9 or 10 years the property will belongs to you, rather than paying lifelong rental and the property doesn't belong to you. We are targeting that middle segment market where people are staying in rental and trying to convert them to buy our property.”
Danube Properties, the development arm of Danube Group, started two years ago and has launched six projects in that time, all of which have sold been sold out.
Sajan said he expects the projects currently under construction should be delivered three to four months ahead of time.
"This is very important for developers in the UAE because majority of people in the past have burned their fingers where they've invested in developers and have not got the delivery. If we change the strategy and timing of all the developments, Dubai will go a long way.”
He said he has no plans to launch luxury projects in the near future.
“I am very happy with affordable [properties] and I'm very successful in that. In cricket we say 'never change a winning formula' and I would like to maintain that. I believe there's a huge scope for middle-segment market in the affordable section,” he said.
He revealed that next Danube Properties project will be in Arjan, next to Miracle Garden.
“I can't give you more details now because it's still under approval stages, but it's going to be one of the classy buildings that you'll see in the affordable section. Our mantra is simple - offer the luxury living of Marina or Palm and offer the price of Discovery Garden. And that's what you'll see again in Arjan.”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.