Change of Interest of the Developers in Dubai
According to the professionals in Dubai Housing, several developers who have enjoyed profits in the affordable housing sector have turned their interest to the upper market groups in order to grow, and boost their brand. Brokers working in the property market are seeing that developers have found out that making mid-size or mid-high types of houses in popular and attractive locations yields high profits. Among the companies that have changed their tastes in the property market of Dubai are Danube and Binghatti.
Danube started a 101-storey tower in Business Bay where the studios will start at AED1.2 million in January. Eighty percent of the Danube Bayz 101 high-rise remaining under construction by the end of September had been sold in good numbers. Through partnership with the luxury vehicle makers Bugatti and Mercedes-Benz and the wristwatch Jacob&Co, Binghatti has been providing the branded residence and its million-dollar costs that have grabbed a number of customers from other countries.
Two other things have been rising property prices and the lowering of choices available to less-income customers. Although in some cases mortgages are less than rent, several in this group find it difficult to qualify for mortgages given their financial situation. Consumers have been affected by increasing housing costs as the emirate's increasingly less available undeveloped sites become more expensive.