Day: March 4, 2020

UAE-based Danube Properties has announced the launch of Gemz, a AED350 million ($95.2 million) luxurious residential project in a pyramid-shaped architecture, offering spacious homes and floor plans with unique convertible layouts – so much so that a one-bed apartment can be made into a two-bed unit and the same can be turned into a three-bedroom unit – loaded with 30 luxury amenities.

A 14-storeyed building, Gemz will host 270 apartments – 24 studios, 74 one-bed, 114 two-bed and 42 three-bed apartments as well as 16 duplex apartments within Al Furjan, a vibrant residential community located between Sheikh Zayed Road and Mohammed Bin Zayed Road.

Danube said that to make these homes, which are priced at AED550,000 ($149,727) onwards, more affordable, it is offering the group’s flexible 1% monthly payment plan to the investors.

This plan facilitates the middle-income tenants and the end-users to easily fulfill their dreams of owning their choicest homes without any financial hardships, stated the Dubai developer at the launch event which also featured Bollywood actor Sanjay Dutt, its new brand ambassador.

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Dubai’s Expo 2020 spurs real estate growth as real estate companies report record sales.

The upsurge in Dubai’s real estate market seems to be coming, as the years of policy reforms by the kingdom finally seems to be bringing back investors’ confidence in the sector. Long-term visas for investors and professionals, favorable payment plans and increased flexibility in debt repayment by financial institutions are some of the initiatives that have changed this mood.

“Investors’ confidence has been very high since the announcement that Dubai would host the expo in October,” says Atif Rahman, Partner & Director, Danube Properties. Rahman, this year, has special reason to feel elated because Danube Properties recently delivered a massive AED 300 million luxury residential community project.

“The good news is that we have already delivered this project and the bad news is that we are 100% sold out,” quips Rahman, who believes that delivery of a project is actually the real report card for any builder.

That apart, the last quarter of 2019 had recorded close to 5,000 real estate transactions, the highest number of property sales since 2008, and Dubai’s residential stock that is projected to reach 6,37,000 this year.

Expo 2020 – which the government calls “the largest event ever staged in the Arab world will host 190 countries, and millions of visitors from across the globe. The Expo will stretch for 173 days with several themes ranging from promoting innovation and sustainability in the Arab region.

Rahman thinks that Expo in the past has changed the economy of countries that have hosted such events, “You will see a dramatic growth in local economy and rise in real estate prices. That is the power of Expo,” he says.

Dubai, is betting billions of dollars in its efforts to showcase the Expo as the world’s biggest event ever. The organizers expect 11 million visits by people living in the UAE and 14 million from overseas visitors. A recently published economic impact assessment by consultancy firm EY noted that the Expo is expected to provide an AED 122.6 billion boost to the local economy, besides creating 49,700 full-time jobs a year.

Rahman is confident that the expo will spur further development of Dubai and encourage business.

The investment in Expo and the government spending in the infrastructure around it is one key factor that has been keeping the Dubai economy on track in the recent quarters – a view further endorsed by London-based Capital Economics which predicts that helped by the Expo, Dubai’s economic growth should range between 3.8% and 4.5% over the next few years.

Expo 2020 is expected to create a large number of job opportunities across various sectors including service industries, architecture, infrastructure development and engineering, travels and tourism sectors.

There is no doubt that Dubai’s real estate sector buoyed by the expo is on an upswing now. Developers like Rahman are expecting that post Expo, investors would like to have their base in the country, as he believes the regulatory and infrastructure that it provides is as attractive as any other global city like New York, London or Paris.

Despite the local Emiratis and emergence of Chinese as the leading investors in real estate in the region, real estate developers feel Indians have started looking at Dubai for their real estate investments. Considering the soaring real estate prices back home, the luxury factor has added to Indians interest in Dubai property.
The average price of residential properties in Dubai is in the range of AED 1,000 to 12,000 per sq ft which translates to Rs 20,000 to 24,000.

Rahman says it is the right time to invest in Dubai property market because it is not just about the conventional buying and selling. When you look at the average returns that you are able to clock anywhere else in the world it is still struggling between 5% and 6%. “Sometimes in a very glamorous situation it will be about 7% to 8%. But, in Dubai I can confidently say it is easy to make 10% to 12% all day long,” says Rahman.

Danube Properties announces the launch of Olivz, a master-planned cluster of buildings offering 741 residential units and a number of retail and recreational facilities with a development value exceeding Dh400 million.

The project will be developed in Al Warsan First area close to the International City and Dragon Mart with the easiest access to Mohammed Bin Zayed Road. The affordable homes come with Danube Properties’ trend-setting 1 percent payment plan that helps middle income tenants and end-users to easily acquire their dream homes.

The announcement was made at a packed press conference attended by the largest contingent of media and cheering crowd by Mr Rizwan Sajan, Founder and Chairman of Danube Group, and Mr Atif Rahman, Director and Partner of Danube Properties.

This marks the first real estate project launch of 2020 in the UAE and reflects Danube Properties’ confidence in the market that is witnessing a slow upturn as the countdown to the World Expo 2020 – that is expected to drive the demand for new homes – gains momentum.

The launch of Olivz comes as a welcome surprise to the UAE’s real estate broker community, who now has a new project with 741 apartments to market and sell.

With Olivz, Danube Properties development portfolio grows to 6,194 units, with a combined development value exceeding Dh4.5 billion. It has so far delivered about 2,155 units, with a combined sales value of Dh2.1 billion – or nearly half of its portfolio value.

“The launch of Olivz reflects our growing confidence in Dubai’s real estate market, which never ceases to amaze investors. The launch is timed well to meet the needs of the growing number of end-users who are now more confident to buy their dream homes,” Rizwan Sajan, Founder and Chairman of Danube Group, said.

“We have seen demand picking up in the last few months as we sold out all our previous projects – that necessitated the launch of Oilvz. With World Expo 2020 around the corner, we see an uptake in housing demand and the launch of Olivz is well timed to meet the demand.

“Olivz also gives Dubai’s real estate brokers a good number of inventories to promote and sell, and we are happy to see them requesting advance booking of units.”

Olivz will be developed at an 18,016 square meter plot of land at Al Warsan First, close to the International City with easy access to Mohammed Bin Zayed Highway. It has roads on both sides overlooking a public park and a mosque.

Each residential building will be uniquely positioned facing expansive landscaped gardens, with amenities such as swimming pool, jacuzzi, sunken seating surrounded by water bodies, water canal, play courts, kid’s play area and a BBQ area, providing residents an unparalleled lifestyle experience. The community is facilitated with family-oriented leisure facilities along with gymnasium, health club, jogging track and a party hall with outdoor deck.

Atif Rahman, Director and Partner of Danube Properties, says, “Olivz is another project which will reflect our commitment to design and deliver a happy community. Its driven with the intention of creating a superior lifestyle for the mid-market segment at extremely affordable prices. We have exerted immense efforts in ensuring that people will enjoy their life at Olivz once it is delivered. The location of the project is extremely attractive with super convenient entry and exit from Mohammed Bin Zayed Road without getting stuck in any kind of traffic bottleneck.

Today, Dubai is one of the finest real estate industries when compared globally backed by stringent regulatory controls and premium infrastructure. As a builder, I find more confidence in Dubai Real Estate than most of the other countries and the launch of the project is an evidence of that confidence. This is the best time for property buyers as they will never be able to get such attractive price points as the outlook of the real estate market remains bullish for the future.

“The launch of Olivz comes after we sold out the last two projects launched in 2019 – Elz and Wavez – as well as the delivery of two stellar projects Starz and Resortz.

“Our design vision for the project is to create a vibrant development, stitching the development into the fabric of the city and embedding it into the community. The community comes with some world class amenities, which you would generally associate with luxurious projects. Coupled with this, the apartments have been designed keeping end users in mind to ensure maximum utilization of space.