Al Ghurair is boosting real estate sector with new developments
30 October 2021 – Khaleej Times – www.khaleejtimes.com
Having recorded rental transactions worth AED 50 million in rent revenue over the first half of 2021, the company’s CEO, Sultan Al Ghurair stated that, “No matter the external circumstances, Al Ghurair Properties will always remain committed to enhancing the lives of UAE residents and those visiting our country. As a relationship-centric business, our tenants trust us to deliver to their expectations and to provide excellent service; I’m pleased that our performance in the first half of the year demonstrates that we are consistently achieving those standards.”
The company has maintained its meticulous service standards and efficiency, and has plans to keep this momentum going following the launch of eight new developments in the residential sector—Manazil Al Muraqqabat 01, Bayt Al Rigga 01, Masaken Al Muraqqabat 07, Masaken Al Muteena 02, Masaken Al Warqa 01 and 02, as well as Manazil Al Raffa 01 and Manazil Al Mankhool 01.
“We are proud to have integrated these new properties into our communities over the last six months, and to have already welcomed numerous new neighbours”, announced Al Ghurair. The new properties vary in capacity from 247 to 65 units and show promising occupancy rates with Masaken Al Warqa 02 leading at 93.52% occupied, with only 16 units remaining.
Manazil Al Raffa 01 is steps from Dubai Creek and is located a minute from Sharaf DG Metro Station; the apartment building is well connected to the rest of the city, conveniently situated for commuters and surrounded by various dining and shopping options. Tenants have a choice between studios, 1-, 2- and 3-bedroom apartments. The special launch offer includes living one month rent-free, along with free maintenance, 0% commission and the use of premium amenities.
The recently launched Manazil Al Mankhool 01 is a modern high-rise in the heart of Bur Dubai that offers 1-, 2- and 3-bedroom apartments with scenic views. The home is designed to accommodate cosmopolitan life with ease and similarly to Manazil Al Raffa 01, tenants can enjoy a luxury lifestyle with the bonus of one-month free rent, complimentary maintenance and 0% commission.
According to data from listings portal, Property Finder, sales transactions in Dubai continues to rise driven by demand as the UAE economy recovers steadily from the Covid-19 pandemic. This trend is reflected in the rising demand across Al Ghurair Properties’. The current average occupancy percentage for new buildings launched in H1 2021 stands at 56.34%, which is rapidly increasing to match the average occupancy rates of 74.27% achieved across Al Ghurair Properties’ development portfolio.
Throughout the third and fourth quarters of 2021, the real estate magnate has scheduled tentative launch dates for a total of 1,559 new units to be added to its residential portfolio. This would elevate the company’s inventory from 5,127 units to a new total of 6,686 units in the coming months.