Despite the fact that summer and Ramadan are usually considered rather passive time for the real estate market in the UAE, several major Dubai developers have reported 100 per cent sales in their new developments.
Dubai Properties recently announced it has sold all the property in the first phase of a new complex Bellevue Towers being built within walking distance from Marasi Business Bay. That inspired the company to launch the second phase of the project. Prices for 1-, 2- and 3-bedroom apartments in this complex start from AED 1.20 million, AED 1.95 million and AED 2.95 million, respectively.
On its part, Danube Properties has reported of unprecedented property sales in Al Furjan area. All the units offered for sale in the AED 300 million Glamz development had also already found new owners. In total, this complex will have 418 apartments; and the reason for such a stir among buyers is easy to guess: attractive prices and favorable and flexible payment plans.
Danube Group Founder & Chairman Rizwan Sajan said, “The launch of Glamz was quite interesting, as we had made an assumption based on home- buyers’ feedback and backed our innovative ‘convert part of the living room into a bedroom’ concept’.”
Damac Properties too has reported of its notable success in selling Dubai’s off-plan property in Q1. The developer sold out all of the released apartments in phase one of its Ghalia project, which encouraged it to supply additional offers in the same area to the market. Ghalia project is a 38-storey tower located in Jumeirah Village with 742 apartments priced starting from AED 550,000.
Meanwhile, official sources, i.e. Real Estate Regulatory Agency (RERA) represented by its CEO Marwan bin Ghalita has recently confirmed that 38 new projects were launched in the first quarter of 2016 in Dubai. Notably, that some Dubai developers are giving 100 per cent ‘ultimate’ and one-of-a-kind in construction world guarantee on their projects, which guarantees that Dubai property market is protected against uncontrolled oversupply.