Affordable housing is the new investor need

Following the event, the latest sales figures released by the developer showed a rise above 70 per cent in sales within a week after the event.

Dubai — The demand for affordable housing is becoming more apparent as Binghatti Apartments, the first residential venture targeting end-users by Binghatti Developers, experienced unprecedented success with nearly the entire project sold a week after the inaugural launch.

The sales event organised recently saw an overwhelming number of buyers and investors ready to buy in the centrally-located project in Dubai Silicon Oasis, where sales experienced a leap above the 50 per cent mark at the night of the launch.

Following the event, the latest sales figures released by the developer showed a rise above 70 per cent in sales within a week after the event. With 60 per cent of the project being completed in under six months of construction, the iconic building by Binghatti Developers reconfirms the strong demand for affordable, high-quality properties in Dubai.

Established in 2014, Binghatti Developers redirected its focus from building projects tailored for institutional investors to holistic solutions targeting end-users. With anticipated completion in less than one year, Binghatti Apartments offers both investors and end-users the advantages of timely delivery and attractive rental yields, as well as world-class materials and finishing.

Muhammad Binghatti Aljbori, chief executive officer and chief architect of Binghatti Developers, said: “The project has given us the confidence to move forward towards our goal of establishing ourselves as a key player in the Dubai market. The iconic building will be a wise investment for both regional and international investors, with residents set to become part of a thriving neighborhood and in turn strengthen the city’s reputation as a safe-haven for property investments.”

“With a plan to invest Dh1 billion in upcoming projects over the next two years, Binghatti Developers expects the market to gradually mature where quality materials, prudent investments and timely delivery will be the new industry standards.”

Binghatti Apartments sets a new benchmark in innovative design and architecture that will appeal to the residents of Dubai seeking a unique home. The 222 units are available in many unique layouts, including studios, one- , two- and three-bedroom apartments, as well as spacious duplex layouts for those apartments. With prices starting at Dh425,000, the apartments offer a wide range of sizes from 434 sqft to 2,653 sqft. The new development will also host facilities for retail units on the ground floor.

 — business@khaleejtimes.com