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.