Demand for affordable property continues to stay strong in Dubai as Danube Properties’ latest Dh350 million Gemz project was sold out within a few hours of its launch.
The project was snapped up by end-users and brokers.
“This demonstrates the buyers’ confidence in Danube Properties – as we continue to deliver on our promise to a growing number of UAE residents who are our biggest strength and inspiration,” said Rizwan Sajan, founder and chairman of Danube Group.
This is the developer’s third project launched and sold out within eight months, reflecting positive market sentiment and the fact that more buyers are entering the property market.
As reported by Khaleej Times earlier, expatriates who intend to stay in the Emirates for a long-term period are increasingly shifting towards buying their own property in order to save on rents. 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.
Danube Properties said it has delivered 11 out of the 17 projects announced so far.
“In terms of the number of units – we have so far delivered 4,556 units out of 8,272 units sold out. In terms of value, we have delivered Dh3.63 billion worth of homes to our happy customers, out of the total development value of Dh5.65 billion,” added Sajan.
Sajan said Danube Properties 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.
With a built-up area of 530,000 sqft, Gemz will be developed on a plot of 101,000 sqft. The 14-storeyed project will host 270 apartments, including 24 Studios, 74 1BHK, 114 2BHK and 42 3BHK apartments while 16 apartments are duplexes.