Studios on sale for less than AED300,000

The new launch of studio apartments in Dubai Investment Park marks the start of an affordable housing war that's set to hit the market soon.

Studio apartments in the Royal Estates in Dubai Investment Park (DIP) will soon start selling for AED284,888, while one-bed units will be offered for AED575,888.

“The official launch of the apartments will happen in the coming two to three weeks," Shahid Rasheed, General Manager, Texture Properties, told Emirates 24|7. “These units are very much in the affordable price range and something that the market has been seeking."

The project is being endorsed by Bollywood superstar Shah Rukh Khan. The first phase of the launch will include three towers, consisting of 1,200 apartments, which are set for completion by end-2017.

“Our price per square foot stands at AED580. The response has been great,” said Rasheed, revealing, investors will have to pay a 10% down payment on booking, with the balance payment being paid over 4.5 years in EMIs of nearly Dh3,600 per month.

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