Mag Development launches Dh8b residential projects in Dubai
Mag Development, the real estate development arm of Mag Holding Group, on Sunday announced the launch of its Dh8 billion residential projects and a comprehensive programme of Dh120 per day payment option to own a property in Dubai - a move that will boost the company's presence in the emirate's real estate sector.
An investment of Dh8 billion will be injected into the market to provide four major projects: Mag City, Meydan, Al Furjan Villas, and MPL Tower in Jumeirah Lakes Towers. The new programme provides customers with the opportunity to pay Dh120 per day to own a house without any additional terms or fees and offers easy payment plans over long periods of up to 20 years. The programme is in line with Dubai's vision and market needs and is an active contribution to the government's policy on low-income and affordable housing. The announcement focuses on creating balance in the real estate sector to cater to the growing demand of the affordable segment.
"The programme will help to enhance the attractiveness of the Dubai market globally by attracting foreign investments into the sector, and luring qualified people to move and live in Dubai," said Talal Moafaq Al Gaddah, chief executive officer at Mag Property Development.
"The new project, which is a special programme for affordable housing, and supports investors of all categories alike, is based on the company's vision that developers' policies must change to meet market demands and keep pace with its development and growth rates, as well as the diversity of projects."
He noted that all developers are invited to increase the momentum of the emirate's trends and the government's interest in creating a balance in the real estate supply and to meet the growing demand for affordable housing options. Al Gaddah also said that all payment plans are tailored specially for the programme, which means that the customer will not have to pay registration fees, service fees or any other administrative fees; while the payment periods vary between 10, 15 and 20 years. The programme also provides additional benefits such as life insurance and programmes for protecting employees from job loss.
"We have a long-term vision as the parent group, Mag Holding, established 41 years ago, believes in Dubai's real estate market and its perspectives that boosted its position at the forefront of global markets. We believe that Dubai is moving towards economic sustainability," said Al Gaddah.
He also emphasised the idea that Mag Development will continue to work on marketing real estate new concepts to provide customers with the best opportunities and support both the individual's and family's financial stability plans in the long-term. The company bears in mind that the purchase of real estate is one of the most important bases that ensure the growth of the future economy in the happiest city in the world.