Business Bureau, Gulf Today

DUBAI: A whopping 78.5 per cent jump in sale of the number of residential units has boosted Danube Properties’ market share of off-plan sales to 10.6 per cent in 2018, compared to the 5 per cent in 2017.

The company last year sold a total of 1,869 residential units, according to its annual report. Among the total number of properties sold by Danube Properties, 89 were ready-to-move-in while the rest 1,780 units were off-plan properties.

The sales value of 1,869 units increased by 19.26 per cent to Dh978 million last year, compared to the sales value of 1,047 units worth Dh820 million in 2017, the report showed.

“Despite strong headwinds affecting the growth of the global economy, the UAE economy remains an oasis for growth. The end of conflicts elsewhere in the Middle East bodies well for growth in the regional economy,” Rizwan Sajan, Founder and Chairman of Danube Group, said.

Danube Properties has so far awarded Dh1.6 billion 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 – reflecting a robust property development and construction pipeline that will help the UAE’s construction sector to navigate through the current phase and way beyond the Expo 2020 global mega event.

Atif Rahman, Director and Partner of Danube Properties, said, “Danube Properties’ stellar performance reflects our firm belief in the affordable housing market. Despite challenging market conditions, we have recorded 78.5 per cent growth in volumes and 19.27 percent growth in the sales transaction value.”