A Saudi property developer says its first UAE venture shows why livability and attractive payment plans are the way forward for the Dubai property market.
Riyadh-based ARTAR Real Estate Development is asking investors in Mada Residences in Downtown Dubai to hand over just 30% of the agreed price prior to completion.
Real estate has to adapt to keep up with the changing demands of investors and end users, said Sulaiman Abdulrahman Al Rashid, CEO of ARTAR.
Theyve become far more astute in the challenging economic times that we face now compared with the boom era of a few years ago. They have the right to ask why they should effectively pay for homes to be built, which is what has been happening with so many payment plans.
Added Al Rashid: More and more developers in this market realise that has to change so that most of the cost of a home is paid out after completion. Our payment plan is designed specifically to help investors and end users with their cash flow, and to build more confidence and trust in us as a developer that is dedicated to delivering quality homes on time.
At the same time, developers must work to ensure that liveability becomes more than just a real estate buzzword, and that the homes theyre building are genuinely designed to give people a better level of space and comfort.”
Progressive developers agree that liveable homes should generally be open-plan and designed to maximise space, are easy to move around in, easy to use and allow people of all ages and abilities to live in, or visit, comfortably, ARTAR says.
The developer has designed Mada Residences around these principles. Located just a minutes walk from Dubai Mall, it offers 193 bigger than average 1, 2, 3 and 4 bedroom luxury apartments.
They include 80 two bedroom apartments with maids rooms, a feature which has contributed to 70% of all units already being sold. ARTAR is guaranteeing early deliver of all units in Q2 2018.
We believe weve got the right formula, and sales to date supports that view, said Al Rashid. We think more developers will follow this trend in the market, just as they do in other parts of the world where the concept of liveability is a top priority because it has a major influence on where people decide to live.
Visitors to the ARTAR exhibition stand at Cityscape Global in Dubai in September will be able to check out the Mada Residences designs by taking a virtual reality tour of apartments. ARTAR is the real estate development arm of Abdul Rahman Saad Al-Rashid & Sons, a group with over 50 years of regional experience in delivering high end projects on schedule.