Developers focus on affordable offerings

28.09.2014
Many of Dubai developers are targeting the middle class in Dubai - those earning between AED15,000-AED40,000, creating new housing options that would be affordable for ordinary people. While previously, developers may have advertised the private pools and luxury interiors of their projects, developers today are focusing on offering homes for the ordinary people.
During Cityscape last week, Danube advertised 300 off-plan apartments in Studio City - Glitz - which it plans on selling for less than AED1 million a unit.
“We are targeting [the] mid-income segment. People who are on salaries that are between AED25,000 to AED40,000 a month,” said Rizwan Sajan, Danube’s founder and chairman. “When you are talking about a property that costs AED1m you are talking about paying AED10,000 per month. It is not a big amount for a person who is earning that amount.”
Dubai-listed Deyaar is also re-designing stalled plans for one of its sites at the International Media Production Zone with 27 new buildings comprising 2,000 apartments and serviced apartments aimed at mid-income families.
Deyaar said that it is in the process of getting government approval for a first phase of eight buildings where apartments would be selling for less than AED1,000 a square foot.
“Those people who make AED15,000 to AED35,000 a month. Those people are the middle class,” said Saeed Mohammed Al Qatami, the chief executive of Deyaar. “Those are the customers that we are looking at. That’s why we are creating this product.”
And over the border into Sharjah, the developer Al Thuriah said that it was selling one-bedroom flats starting at AED650,000 and two-bedroom flats at AED940,000 at two planned blocks of apartments close to the Sahara Centre in Al Nahda.

Subscribe to our news

Latest Availability
Latest property news
Send us an enquiry or request a call back
Your name *
Phone
E-mail *
Your message *
*- indicates required
Request a call back
Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management