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.