Luxury Property in Non-Luxury Prices – Dubai
Dubai usually associated with luxury property, wealthy property owners and celebrities in the emirates but several new announcements now suggest.
A developer is going to build a series of affordable homes in Dubai while more than 200 crumbling villas that were lying empty are going to be demolished. This shows that all properties are not luxury apartments and a different side to the emirate’s real-estate market and a reminder.
Danube Properties has come up with a fair housing project that allows home owner to change one room into two. The Ritz Project at Al Furjan comprising of studios, one and two bedroom units includes 452 fully furnished apartments. The room features a bed which can be wrapped into the wall during the day, thus creating a larger moving area in living room. During night bed can be lowered to transform the accommodation into a bedroom.
Picture Courtesy: www.sothebysrealty.com
The Ritz includes a gym and a retail space, with an outdoor running track and swimming pool, badminton and tennis and basketball court.
As per Rizwan Sajan, chairman and founder of Danube Group, who added that the homes are aimed at small families and new couples? They will bring the latest home technology to the customers at a time when they are looking for more with less. This launch comes at a time of softening experience in the luxury part of the property market, Sajan also pointed that 18,000 new homes are needed in the emirate over the next five years.
Presenting his views Sajan continues, Real estate is a long-term business and he is a firm believer in the long-term sustainability of Dubai’s economy, which is very flexible. The current supply of 12,000 to 13,000 homes per year falls below the anticipated demand. More than 80% of Dubai’s population lives in rented homes.
Picture Courtesy: www.sothebysrealty.com
Due to property prices coming down to a realistic level, we see the possibility of a large scale migration from rental homes to home ownership.
Meanwhile, around 250 crumbling villas across Dubai which are posing a public health risk are to be demolished. As per Dubai Municipality many properties are caught up in inheritance disputes between the rightful owner and family members and have neglected them, making them a threat to public health and security.
It is estimated that 303 of 713 abandoned houses across Dubai have already been demolished and further 154 have been renovated by their home-owners. The Municipality will issue orders to the home owners for the houses to be demolished and failure to comply the properties will be taken down and the owners charged.
Picture Courtesy: www.sothebysrealty.com
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