First Dubai’s real estate project of 2016: Mada Residences in Downtown Dubai

New developers come to Dubai’s real estate market: Saudi company to launch a new residential development in Downtown Dubai.

Dubai’s real estate market attracts not only investors, but also new developers longing to benefit from the advantages of the local housing industry. ARTAR, a real estate development company from Saudi Arabia presented its first residential project Mada Residences in the central area of Dubai.

The developer said in a statement, that Mada Residences will include 193 apartments of various sizes with panoramic windows and views of central Dubai. Among the facilities usual for such A-class residential developments there will be a rooftop swimming pool available to residents and also a children's pool, a terrace lounge, relaxation areas, a sauna and a gym.

Sulaiman Abdulrahman Al Rashid, CEO of ARTAR Real Estate Development, said: "Mada Residences has been launched to bring a new standard of living to one of the most sought after addresses in the UAE, Downtown Dubai.

"Each apartment, whether one, two, three or the exclusive four-bedroom, is highly appointed and characterised by generous living areas and modern finishes."

Like many other Dubai property developers, ARTAR aims at the end property buyers and provides a special payment plan, according to which 30% of the property cost must be paid within one year after registration of the contract, and the remaining 70% payment can be made upon the completion. Thus, the risks for this off-plan property buyers are minimal. At this stage, ARTAR is in talks with local banks to get all the necessary financing to begin the construction.

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