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Dubai: If 2021 had developers in Dubai launch offplan projects with bigger living spaces (even gardens where possible), this year seems to be about gyms, gaming rooms – and private pools. At Danube Properties’ latest project, Gemz, the developer is taking the concept of private pools by quite a stretch.

Of the 270 plus apartments in the building, more than 100 units will come with their own pools, as the developer goes for a wider interpretation to add-ons. “Even in the affordable luxury space, today’s owners are ready to move from common facilities to having their own private ones,” said Rizwan Sajan, Chairman of Danube Group. “Even with creating those 100 odd pools, Gemz will not have a massive built-up area, and the cost of these units will be in the Dh1.2 million and over range. (The top end of the Gemz units are at Dh2.2 million and over.)

Give more features

Developers are finding that more of today’s buyers fit a much younger profile – 28-32 years – than in the past. This explains the need to offer more lifestyle benefits than those that would typically fit into the confines of an apartment. Top-notch gym and fitness equipment (and regular upkeep) is one, and so are standalone gaming rooms for the twentysomethings.

This is Sajan believes more pools to a building takes add-on features to a new level of need. Located in Al Furjan – which is highly favoured by Danube these days – the Gemz will have its offplan sales start May 28. To attract repeat buyers for its projects, Danube will offer a 3 per cent ‘first-day’ discount to those who have bought from it in the past.

“A lot of buyers checking out properties to buy in Dubai/UAE will be mindful of the Dh2 million property investment value, which would make them eligible for 10-year visas,” said Sajan. “So, owning multiple properties that add up to Dh2 million and more also applies. We are ready to help out owners who are eligible with their investment visas once the government authorities give their clearance.

“First-day buyers also get a chance to pick up fully furnished apartments at the same price – that too acts as a big incentive.”

Back to back launches

In the last seven months, Danube had three launches, totalling Dh1.2 billion in development costs. The Gemz will come to Dh350 million. “There will be a couple of more launches we will try and squeeze in this year,” said Sajan. “The offplan market in Dubai is ticking along nicely, delivering a new generation of homeowners.”

In another – slight – positive for developers, the cost escalation on steel and other building material prices have stabilised. Sure, the current levels are still 25-30 per cent higher than what they were in September/October of 2020, but that is still some relief compared with the near constant re-adjustments developers had to make on their expenses throughout last year.

“That does help with the planning, if we see more such stability for the coming months, developers can breathe a lot easy,” the Danube chief added.

Danube Properties unveils ‘Gemz’— an Ultra Luxurious Residential Milestone in Al Furjan, and announces Sanjay Dutt –Bollywood Superstar as the Brand Ambassador for Danube Group

1. This unique project with stunning pyramid-shaped architecture will be a landmark;

2. The prime location of the project makes access to Sheikh Zayed Road convenient;

3. Built on the prime location, the project offers spacious apartment, top-of-the line amenities, easy access to public transport and malls, and a lot more;

4. The Grand Entrance Lobby of Gemz is sure to leave a great first impression;

5. Offering exclusive access to luxury amenities like state-of-the-art gym, anti-current swimming pool, lavish green outdoors, and an outdoor sky lounge on the 13th floor, the project redefines luxury living experience.

Danube Properties, the UAE-based pioneer in affordable property development and one of the most dynamic private real estate developers in the UAE, today launched Gemz, a Dh350 million luxurious residential project with stunning pyramid-shaped architecture, offering spacious large homes and floor plans with unique convertible layouts so much so that 1BHK can be made into 2BHK, 2BHK into a 3BHK.

The super exclusive project Gemz comes 270 well-designed apartments loaded with 30 luxury amenities and Danube Properties’ trend-setting 1 percent monthly payment plan that makes it the best affordable luxury with prices starting from Dh550,000.

Gemz by Danube will be developed in Al Furjan, a vibrant residential development located between Sheikh Zayed Road and Mohammed Bin Zayed Road. Just four minutes away from Sheikh Zayed Road, the project Gemz will be conveniently located just two minutes from the proposed metro line while Al Maktoum International Airport is also in its close proximity at a distance of merely 10 minutes. The other important landmarks of the city like Discovery Gardens and Ibn Battuta Mall are also located nearby at a distance of just four minutes and seven minutes respectively.

Already a well-connected destination, Al Furjan is one of Dubai’s most popular residential districts that hosts several convenient stores and retail facilities including pharmacies, grocery stores, restaurants, cafes, salons, bookshops, schools, hospitals, clinics, hotels and more. As most lifestyle amenities are covered, life in Al Furjan is peaceful and convenient. It’s a contemporary and distinct family-oriented community that offers the comfort and warmth of a tradition living along with modern lifestyle with spacious apartments, abundant green open spaces, and world-class amenities.

The 1 percent payment plan that facilitates the middle-income tenants and the end-users to easily fulfil their dreams of owning their choicest homes without any financial hardships. Making the deal more lucrative for the homebuyers, Danube Properties today announced an irresistible offer for the homebuyers: “Book on day-1, that is, 28th May and get a fully furnished apartment free.”

Thoughtfully designed and an architectural gem, the project offers spacious bedrooms with breath-taking interiors and panoramic views of the city. In terms of the luxurious amenities which cannot be found with any developer in the region, it provides remarkable private pool equipped with Aqua Gym and Anti Current Machine to the true connoisseurs of luxury and excellence.

While the private pool is purposefully built to inspire an exceptional lifestyle, the other exclusive amenities at this project include Kids Day Care with nanny supervisor, Cricket Pitch with match standard net practice, Yoga Centre to relieve stress and Modern Beauty Salon with a well-trained staff, among others.

The launch event featured Bollywood star Sanjay Dutt – the new Brand Ambassador of Danube Properties – at the packed press conference.

Mr. Rizwan Sajan, Founder and Chairman of Danube Group said, his company will start processing for long-term residency and Golden Visas for investors who fulfil the respective criteria, such as Dh2 million, Dh5 million and the Dh10 million ceilings – from September 2022, when the process starts.

“There is a renewed confidence of the end-users in Dubai’s real estate market with domestic as well as the Indian homebuyers looking to own a second home in the city,” Mr Rizwan Sajan told the packed press conference. “The latest reform in visa and residency rules now make it easier for investors and buyers to secure residence visas and we are seeing a large number of buyers looking for suitable properties.

“Looking at this positive scenario we are excited to launch our project Gemz, that not only offers world-class features and amenities but a tranquil and peaceful environment that attracts residents and citizens who wish to raise a family away from the hustle and bustle of the city due to its strategic location. It’s quite encouraging that we are getting overwhelming response to our projects due to our unwavering commitment to timely delivery.

“Backed by our strong finance in building materials, all the sites of our existing projects are moving closer to completion and progressing every day. Our goal is to deliver what we promised and see that smile on your face while you hold the keys to your dream home.”

The project with a built-up area of 530,000 square feet, will be developed at a plot area of 101,000 square feet. The 14-storeyed project will host 270 apartments, 24 are Studio, 74 are 1BHK, 114 are 2BHK and 42 are 3BHK apartments while 16 apartments are duplex.

With the introduction of intelligent furnishings, Gemz encompasses large homes and floor plans with convertible layouts – a 1 one-bedroom apartment can be made into a 2-bedroom apartment and a 2-bedroom apartment into a 3-bedroom apartment. Spacious apartments at Gemz come with a swimming pool in the balcony — A luxury that’s one of its kinds!

Gemz is the third real estate project to be launched by Danube Properties since October 2022 – and the second project within two months after launching the Dh300 million Pearlz project in Furjan in March 2022.

With the launch of Gemz, Danube Properties development portfolio now exceeded 8,272 units, with a combined development value exceeding Dh5.7 billion. It has so far delivered 4,556 units with a combined sales value of Dh3.63 billion – nearly two-thirds of the entire portfolio value.

As one of the most successful developers in the UAE with the highest launch-to-delivery ratio, Danube Group has already delivered Bayz, Glamz, Starz, Resortz and Lawnz while it has recenly delivered projects such as Bayz and Miraclz. All these projects have been greatly appreciated by those who had bought units in them.

http://mediavataarme.com/index.php/industry-news/marketing/item/9091-danube-group-appoints-sanjay-dutt-%E2%80%93bollywood-superstar-as-the-brand-ambassador

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.

Making the deal more lucrative for the homebuyers, Danube also unveiled a special offer at the event for homebuyers under which those who book on the opening day (May 28) will get a fully furnished apartment free.

It is the second project that Danube has launched within two months after the unveiling of the AED300 million Pearlz project within the same Al Furjan community in March.

Already a well-connected destination, Al Furjan is one of Dubai’s most popular residential districts that hosts several convenient stores and retail facilities including pharmacies, grocery stores, restaurants, cafes, salons, bookshops, schools, hospitals, clinics and hotels, it added.

Strategically located, Gemz is just minutes away from Sheikh Zayed Road and also from a proposed metro line. as well as the Al Maktoum International Airport.

Speaking at the launch, Founder and Chairman Rizwan Sajan, said: “There is a renewed confidence of the end-users in Dubai’s real estate market with domestic as well as the Indian homebuyers looking to own a second home in the city. And the latest reform in visa and residency rules now make it easier for investors and buyers to secure residence visas and we are seeing a large number of buyers looking for suitable properties.”

“We will start processing for long-term residency and golden visas for investors who fulfill the respective criteria, such as AED2 million, AED5 million and the AED10 million ceilings – from September 2022, when the process begins,” he added.

Sajan pointed out that with the introduction of intelligent furnishings, Gemz encompasses large homes and floor plans with convertible layouts.

“A one-bedroom apartment can be made into a 2-bedroom apartment and a 2-bedroom apartment into a 3-bedroom apartment. Spacious apartments at Gemz come with a swimming pool in the balcony – a luxury that’s one of its kinds!,” he stated.

https://www.zawya.com/en/business/real-estate/danube-launches-new-270-unit-residential-tower-in-dubai-b3cfgju9

Young and middle-aged residents who intend to stay in Dubai on a long-term basis are increasingly opting to buy properties rather than rent them.

Real estate industry executives and analysts say that this trend is mainly witnessed among the salaried class people who are in their 20s, 30s and 40s who are investing to hedge against inflation.

As a result of this, the market, of late, has seen newly-launched projects being sold out very quickly, some of them in a day.

In March, Danube Properties’ Dh300 million Pearlz project was sold out on day one of its launch.

A recent study by real estate brokerage Union Square House said that from 2021 to April 2022, residences by all major developers in Dubai have been fully sold out, and now trading at a premium on the secondary market.

“We have successfully sold out the complete launched inventory of the project,” said Rizwan Sajan, founder and chairman of Danube Group.

Sajan credited the company’s attractive payment plan and affordable luxury developments that resulted in its projects being sold out in a day.

“The projects are being successfully sold out because investors have a lot of confidence in Dubai, plus prices in the Emirate are much lower than other major cities,” he said, adding that the company’s long-term payment plan also makes it easier for people to purchase the property.

Danube’s newly-launched Gemz project in Furjan offers a 10 per cent advance and one per cent per month and five per cent after six months.

“That’s one of the successful mantras of Danube Properties. My aim is to convert people who are living in rented apartments to buying their own homes. And that’s happening because people here in Dubai are staying for a long time and they have savings. People who earn over Dh20,000 can easily pay instalments and own an apartment in Dubai,” said Sajan.

He said around 70-75 per cent of buyers are professionals in the age of 20s, 30s and 40s who have been already living in Dubai while the remaining people are foreign investors.

Pearlz by Danube gets 100% sold out on day one of its participation at Expo 2020

Danube’s reliability as a developer has gone up several notches higher with the continuous back to back deliveries of projects on time. It has also helped reinforce Danube Properties’ reputation as one of the most successful developers in the UAE with the highest launch-to-delivery ratio.

Dubai, 28^th March 2022: Danube Properties, affordable housing pioneer and one of the most dynamic and popular private real estate developers in the UAE, has announced that its recently launched residential project “Pearlz” has received massive response at Expo 2020 in Dubai. A large number of Indian expats thronged the ‘Danube Properties’ pavilion with great interest in this expo.

Danube has sold out 100% of the inventory of Pearlz that offers 300 residential units coupled with a number of retail and recreational facilities with a development value exceeding Dh300 million on day 1 of its participation at this expo. Danube Properties has also recently delivered its ambitious project ‘Lawnz’ to its 1000 plus property buyers.

Mr Rizwan Sajan, Founder and Chairman of Danube Group said, “While Expo 2020 has successfully carried forward its mission of connecting people I am happy to inform everyone that one of my personal favorites “Pearlz” has received overwhelming response at this expo. We have successfully sold out the complete launched inventory of the project. At Danube Properties our belief since the starting has been to deliver projects on time without any compromise on quality aspects. While sticking to our commitments has always given us good results, I take this opportunity to thank all those who have been involved and have made contributions in making ‘Pearlz’ a huge success for Danube.”

Making the deal more lucrative for Indian investors, Danube Properties has announced that it will provide fully furnished apartments at ‘Pearlz’ to Indian homebuyers who are very keen on picking up a second home in Dubai. The project will be developed in Al Furjan area close to Ibn Battuta mall with the easiest access to Sheikh Zayed Road and Mohammed Bin Zayed Highway. 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.

Some of the salient features of the Pearlz project includes the foldable wall-mounted beds – that converts the living into a bedroom at night, when suspended from the wall. This creates an extra bedroom, converting a one-bedroom hall apartment into a two-bedroom apartment and a studio to a one-bedroom apartment. So, the customer gets a two-bedroom apartment, when paying for a one-bedroom apartment. Among other perks, a three-bedroom apartment comes with a private pool, three parking spots and a balcony – something that is not available in most villas and townhouses. Moreover, the two- and three-bedroom at ‘Pearlz’ comes with store area, laundry as well as power room. It has its own chillers and chilled water system. The project is located near the metro station.

‘Pearlz’ also offers a wide range of world-class amenities such as anti-current swimming pool, kids pool, toddler pool, health club, party hall, outdoor seating, shaded Yoga area, Jacuzzi, sauna, barbeque area, kids outdoor play area, jogging track, outdoor party area, landscape with water features. Other highlight of this project in terms of amentias which cannot be found with any other developer in the region include a doctor on call, kid’s daycare with nanny on board and smart home, smart office with a personal secretary which will revolutionise how gated community projects are developed in the region.

Pearlz is the first real estate project that has been launched in the UAE in 2022 – and the second project by Danube Properties to be launched within five months after launching the Dh475 million Skyz project in Arjan in October 2021.

Enthused by the overwhelming response to its properties, Danube Group is on a spree of launching new projects. The properties of this Dubai-based multi-billion-dollar conglomerate make for an attractive investment. After receiving huge success in “Skyz”, ‘Lawnz’ and “Pearlz”, Danube Properties has further set its sights on new projects in Dubai Marina and Downtown—two of the city’s most prominent freehold clusters.

The Dubai property market continues to be led by end-users, driven on the back of a host of economic reforms along with the lowering of interest and mortgage rates, loan-to-value ratios, Golden Visa and the 100 per cent ownership rights to expats to live, work or trade in Dubai. While all these policies have helped build confidence in the expats, the successful handling of the pandemic makes the UAE a very safe haven for the investors interested in setting up their businesses here.

The Expo 2020 which is coming to close in a week’s time has given big boost to the economy of UAE. While the UAE continues to be one of the safest countries in the world, the rulers further intend to keep up this momentum by creating more opportunities in sustaining this growth and fuelling a massive real estate boom ahead. The property prices over the past six months have gone up by 30-35 per cent, still the property in Dubai is cheaper compared to many other major international hubs such as Hong Kong and London.

With 1,000 residential units, Pearlz will have amenities like Doctor on call, kids daycare with nanny on board and smart home, smart office with a personal secretary and anti current swimming pool, which will revolutionize the way gated community projects are developed in the region.

Date: Dubai, UAE, March 20, 2022

News Highlights

1. With 500,000 square built-up area and development value exceeding Dh300 million, Pearlz comes with value-added features that offers the best value for money;

2. Pearlz is the first real estate project to be launched in the UAE in 2022 – and the second project by Danube Properties to be launched within five months after launching the Dh 475 million Skyz project in Arjan in October 2021.

3. With Pearlz, Danube Properties development portfolio exceeds 8,000 units, with a combined value exceeding Dh5.3 billion.

4. It has so far delivered 4,556 units with a combined sales value of Dh3.63 billion – nearly two-thirds of the entire portfolio value.

Danube Properties, the UAE-based affordable housing pioneer and one of the most dynamic and popular private real estate developers in the UAE, today announces the launch of Pearlz, a residential project offering 1,000 residential units and a number of retail and recreational facilities with a development value exceeding Dh300 million.

The project will be developed in Al Furjan area close to Ibn Battuta mall with the easiest access to Sheikh Zayed Road and Mohammed Bin Zayed Highway. 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.

Pearlz is the first real estate project to be launched in the UAE in 2022 – and the second project by Danube Properties to be launched within five months after launching the Dh475 million Skyz project in Arjan in October 2021.

With Pearlz, Danube Properties development portfolio now exceeds 8,000 units, with a combined development value exceeding Dh5.3 billion. It has so far delivered 4,556 units with a combined sales value of Dh3.63 billion – nearly two-thirds of the entire portfolio value.

“We launched our second residential project Pearlz within five months of launching Skyz in October last year. This demonstrates the return of investors in Dubai’s real estate market and our firm conviction on the strong rebound of Dubai’s real estate market from the pandemic,” Mr Rizwan Sajan, Founder and Chairman of Danube Group, says.

“The launch of Pearlz is in response to growing demand for affordable quality homes in Dubai, as the market remains under-served. We have carefully designed each home to offer maximum value per square feet, keeping in mind the need for space in each family. Pearlz offers the best value per square feet that money can fetch.

“We are a firm believer in the long-term sustainability of Dubai’s real estate marker – this is more evident now, especially following the pandemic that halted all commercial activities in the real estate market for a short period during the lockdown in 2020. The market rebounded early last year, despite the second COVID-19 wave. However, international investor confidence returned faster than expected.”

Some of the salient features of the Pearlz project includes the foldable wall-mounted beds – that converts the living into a bedroom at night, when suspended from the wall. This creates an extra bedroom, converting a one-bedroom hall apartment into a two-bedroom apartment and a studio to a one-bedroom apartment. So, the customer gets a two-bedroom apartment, when paying for a one-bedroom apartment.

Among other perks, a three-bedroom apartment comes with a private pool, three parking spots for a 3bhk apartment and a balcony – something that is not available in most villas and townhouses. It also offers world-class amenities such as anti current swimming pool, kids pool, toddler pool, health cub, party hall, outdoor seating, shaded Yoga area, jacuzzi, sauna, barbeque area, kids outdoor play area, jogging track, outdoor party area, landscape with water features, the highlight of this project in terms of ammenties which cannot be found with any other developer in the region are, a doctor on call, kids daycare with nanny on board and smart home, smart office with a personal secretary and an anti current swimming pool, which will revolutionaze how gated community projects will be developed in the region.

Two- and three-bedroom comes with store area, laundry as well as power room. It has its own chillers and chilled water system. The project is located near the metro station.

“The Dubai real estate market is looking up and the investor confidence is back, the government has eased all Covid-19 restrictions and PCR testing is no required to enter and exit Dubai which has made connectivity a breeze amongst its residents and investors alike,” Sajan said.

“This particular project is a bit different from the other projects and will have many luxurious elements in it including multiple amenities, the developer has been tight lipped about the same as the huge announcement will create ripples in the market.”

Danube Project Development Factsheet

Danube Projects	Residential Units	Sales Value	Status
Dreamz	171 Townhouses	Dh500 million	Delivered
Glitz Residence I	151 Units	Dh187million	Delivered
Glitz Residence II	151 Units	Dh188 million	Delivered
Glitz Residence III	358 Units	Dh350 million	Delivered
Starz Tower	454 Units	Dh300 million	Delivered
Glamz Residence	426 Units	Dh270 million	Delivered
Miraclz Tower	599 Units	Dh400 million	Delivered
Resortz Tower	444 Units	Dh300 million	Delivered
Bayz	463 Units	Dh450 million	Delivered
Jewelz	463 Units	Dh300 million	Under Construction
Lawnz	1,064 Units	Dh550 million	Delivered
Elz	275 Units	Dh130 million	Delivered
Mosque	One	Social Initiative	Delivered
Wavez	434 Units	Dh200 million	Under Construction
Olivz	741 units	Dh400 million	Under Construction
Skyz	808 units	Dh475 million	Launched
Pearlz	1,000 units	Dh300 million	Announced
Total 17 Projects	8,002 Units	Dh5.3 billion	Construction/ Delivery

Danube Properties, the UAE-based affordable housing pioneer and one of the most dynamic and popular private real estate developers in the UAE, has announced that its recently launched Skyz Tower project has been 60% sold out.

The affordable homes at Skyz Tower 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 most desirable project Skyz Tower will be developed by Danube Properties at the Arjan master-planned community in Dubai, close to the Miracle Gardens, opposite to Motor City, Dubai Hills Estates and Dubai Hills Estate Mall with the easiest access to Mohammed Bin Zayed highway. A residential project with a development value of Dh475 million, Skyz Tower is a Mediterranean-themed high-rise residential tower with elegantly-designed apartments, retail outlets and recreational facilities with a development value exceeding Dh475 million.

Rizwan Sajan, Founder and Chairman of Danube Group said, “It’s truly encouraging that we have successfully sold out 60% of our project Skyz Tower within just a couple of months of its launch. I take this opportunity to thank all those who have been involved and have made contributions in making this project a huge success for us. We are committed to launch state-of-the-art projects for our valued customers and our belief since the starting has been to deliver projects on time without any compromise on the aspect of quality.”Enthused by the overwhelming response, Danube Properties has further set sights on new projects in Dubai Marina and Downtown – two of the city’s most prominent freehold clusters. The launch of Skyz Tower comes 18 months after Danube Properties successfully launched its project, Olivz last year. Danube Properties has recently delivered Bayz and Miraclz and all these projects have been appreciated by all the investors who had bought units in them.

Further, Danube Properties is all set to deliver another project Lawnz which will take the number of its delivered units to 4,281 with sales value exceeding Dh3.5 billion by the end of this year. This will help to reinforce Danube Properties’ reputation as one of the most successful developers in the UAE with the highest launch-to-delivery ratio.

Danube Properties, part of the Danube Group, made its foray into the real estate market in June 2014, by launching the Dh500 million 171 townhouses at Al Furjan. Since then, it continued to expand its development portfolio by launching Glitz Residence I, II, III, Starz, Glamz, Miraclz, Resortz, Bayz, Jewelz, Elz, Lawnz, Wavez, Olivz and Skyz projects.

The company currently has a development portfolio of 7,002 units, with a combined value exceeding Dh5 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.

Investor confidence in UAE market has increased tremendously, Rizwan Sajan says

Oversupply in Dubai is a thing of the past and developers should not worry about it as demand is strong and there are no new mega project launches that can cause massive oversupply again in the market, said Rizwan Sajan, founder and chairman of Danube Group.

“There is no oversupply in the market because if that was the case then we would not be selling our Skyz project successfully. Even other developers who have launched their projects are also able to sell them well. It’s because investor confidence in the UAE market has gone up tremendously both from local and overseas investors. That’s why whatever the supply is coming in the market has been successfully sold,” Sajan told Khaleej Times during an interview on the first day of Cityscape on Tuesday.

Danube Properties recently launched Dh475 million Skyz project in Arjan. The developer has already sold more than 50 per cent of the project. Sajan expects to sell around 70 per cent of the project by the end of this month and 100 per cent by year-end. After selling Skyz this year, the developer will launch its next project in the first quarter of 2022.

“For the next few years, any developer should not worry about selling the project because demand is coming in from all over the world. I don’t think we should have any problem as far as selling is concerned. I don’t think oversupply will happen because a lot of people from abroad are investing here. Developers are not launching big projects but one or two buildings and that’ll not cause oversupply,” said Danube’s founder.

Property prices in Dubai have been recovering steadily and are expected to increase by 20 per cent in two years, offering a 5 to 10 per cent annual return on investment. In the last 6 months, prices have gone up by 20 to 30 per cent in certain areas.

“Buyers of the properties can expect to benefit from 20 per cent premium if they sell the property after two years when we will hand over Skyz to the buyers. This translates to a straight 15 per cent annual profit – making it a very high return on investment,” he said, adding that those who’ll shy away from investing, might miss the boat.

“Think of those who bought properties last year when the prices and market sentiment was the lowest in the middle of the pandemic – and made a killing by selling them at 30-40 per cent premium earlier this year – a solid return in just six months,” added Sajan.

Danube Properties, a leading real estate developer in the UAE, on Tuesday launched its new freehold Mediterranean-themed residential project Skyz Tower with a development value exceeding Dh475 million.

Located in Arjan master-planned community, the project will go on sale from October 30 with studio apartment prices starting from Dh399,000, one-bedroom from Dh599,000, and two-bedroom from Dh799,000.

“Due to the sell-out of all of our previous projects, we were running out of stocks since the beginning of the year. This necessitated the launch of the new project,” said Rizwan Sajan, founder and chairman of Danube Group.

“The payment plan for Skyz Tower is very attractive from the end-user point of view. For example, the buyer has to pay only Dh60,000 as a down payment for a one-bedroom apartment and a Dh24,000 registration fee. Then it’s just one per cent per month. The payment plan has been designed keeping in mind that it doesn’t hit the pocket of the end-users, who are mainly from the working class. They’re our target customers and they happily pay this instalment every month because it falls within their budget,” added Sajan.

With Skyz, Danube’s development portfolio exceeds 7,000 units with a combined value exceeding Dh5 billion.

This marks the first real estate project launch after the Covid-19 pandemic by Danube, reflecting confidence in the market that is witnessing a gradual upturn.

Sajan said the real estate sector is back and off-plan properties are in demand.

“Demand for affordable apartments is very strong because 85 per cent of expats here still stay in rented apartments. They’re our main target market because everybody has a dream to own a house in Dubai. The majority of our customers have been end-users who were staying in rental apartments and wanted to shift to their own apartments,” he said.

Danube founder said Asians remain dominant buyers, led by the Chinese, Indians and Pakistanis.

Sajan believes it’s better to have one’s own apartment because residential rents have started rising in Dubai.

“There are some investors from Europe as well. In fact, locals are also investing to earn rental income as rents have started to recover now. Outlook for the local property market is very strong for the next three to five years. The demand will pick up further, hence the prices, because a good number of high net worth individuals are relocating to the UAE,” he said, adding that some highly developed countries are still under lockdown but it’s business as usual in Dubai and the UAE, which gives further confidence to foreign investors.

The reality is that Dubai’s residential market has now shifted in favour of tenants, says Danube’s Rizwan Sajan

House rents and prices of freehold properties are subject to demand-supply and other market conditions, and therefore should be left to the market forces to decide – unless things go out of hand due to unnatural or drastic changes that affect the tenants – when the regulators step in.

That’s the way mature real estate markets function across the world. In those countries, rent laws are formulated to protect the tenants, rather than the landlords. Usually, the tenants outnumber the landlords – who are perceived to be well off on their own. Therefore, the rent laws in the developed countries are seen to be tenant-friendly.

The real estate market in the UAE, especially in Dubai, has reached a certain level of maturity over the last few decades. Therefore, the regulations should reflect that.

Dubai introduced a rent cap around 2005-2006 when rents had started to jump exorbitantly due to high demand. In those days, Dubai’s economy was growing at around 14-16 per cent per annum – thousands of jobs were created every month due to an unprecedented economic boom fuelled by the real estate and construction sectors.

The influx of people far outnumbered the supply of new homes. As a result, rents had started to jump 20-40 per cent per annum – forcing middle-income families to move into cheaper neighbourhoods in Sharjah and Ajman. It was a time when investors had started to build apartments and villas for freehold sale, but the deliveries were yet to materialise on a large scale.

The rent cap, therefore, was an important market intervention needed to protect the tenants at that time. However, the market has changed quite a lot over the last 15-16 years, shifting from a sellers’ market to a buyers’ market.

The market then started to soften from 2016, silently, as supplies gradually caught up with demand. By 2018-19, the market had started to show signs of oversupply, resulting in price and rent correction. Both rents and prices continued to remain under pressure at the beginning of 2020 – when most landlords started to reduce rents in order to retain tenants.

The outbreak of the Covid-19 pandemic worsened the situation, due to losses in income, business, and job cuts. Following the relaxation of the lockdown in 2020, many families had to relocate to their home countries leaving homes vacant.

The real estate market witnessed a steep fall in prices and rents last year, forcing landlords to re-think their strategies. Rental returns dropped from 6-8 per cent down to 4-5 per cent – although still high compared to most real estate markets in the world.

While property prices are stabilizing due to an influx of foreign investors returning to the market since January this year, rents are yet to stabilise. In this context, a rent freeze law could come only to protect the interests of the landlords. However, the question is, can a law help stabilise the rents? Let’s look at the possible scenarios.

If a tenant sees that the rent demanded by the landlord is ‘high’ compared to declining rents, can the law force the tenant to continue to stay in the same premises, beyond the tenancy contract? The answer is ‘no’. The tenant can move to another apartment. And there is no shortage of units in the market.

So, if the tenant is free to leave to an apartment of his choice and his budget, can the draft rent law help the landlord? No. It will just encourage the tenant to shift to another apartment.

Contrary to many reports, the rent of a one-bedroom apartment begins from Dhs20,000 in certain neighborhoods in Sharjah and Dhs35,000 in Dubai. And it might go down further, due to the abundance in supply.

Most landlords might not realise it, but the rental income in Dubai is still higher than most developed markets. Rents of a Dhs1m two-bedroom apartment stand at around Dhs50,000 to Dhs60,000 per annum, fetching a 5-6 per cent return on investment, which is still better than most markets.

While landlords are used to increasing rents when the demand was high, they need to adjust their mindset to the low-demand scenario and the new norm. We are at the lower part of the real estate market cycle. Until demand picks up, we need to accept the current market reality. From a landlords’ market, it has now become a tenants’ market. This is the reality. Let’s face it.

Rizwan Sajan is the founder and chairman of Danube Group