Dubai’s Danube Properties sells over 1,860 units for Dhs978m in 2018

Dubai developer Danube Properties recorded a 78.5 per cent growth in the sales of residential units last year, it announced on Wednesday.

The company sold a total of 1,869 residential units, including 89 ready-to-move-in units and 1,780 off-plan properties.

The sales value of the properties sold last year increased by 19.26 per cent to Dhs978m, compared to Dhs820m made by selling 1,047 units in 2017, a statement said.

Danube Properties said it has awarded Dhs1.6bn worth of construction contracts involving 10 of the 12 projects launched so far.

In 2018, Danube completed construction of 358 residential units while it awarded construction contracts for 926 units.

The developer had 1,339 units under tendering stage and a further 17 per cent in design stage.

Atif Rahman, director and partner of Danube Properties, attributed the growth to the company’s focus on the affordable housing market.

“Our consumer sensitive business approach is paying off. These results show that if you have the right properties at the right location and are offered at the right price with the most competitive payment plan, customers will buy them.”

The company said its share of the Dubai off-plan sales market has risen to 10.6 per cent in 2018, compared to 5 per cent in 2017.

The developer also increased its headcount to 220 last year, up from 151 in 2017, it said.

Part of the Danube Group, Danube Properties launched in June 2014 with the Dhs500m Al Furjan project. The company currently has a development portfolio of 3,680 units, with a combined value exceeding Dhs3.14bn.

Rizwan Sajan, founder and chairman of Danube Group, said: “We see strong growth opportunities, and we remain fully committed to the local economy and the real estate sector with more project launches as we move forward.”

Dubai’s property market has seen a slump in the last few years, with analysts expecting a further drop in prices this year.

One of the main reasons for the drop has been over-supply in the market, along with tough economic conditions.

Also read: Revealed: Top 3 Dubai developers that sold the most residential units in Jan, Feb