THE REAL ESTATE

Dubai 2017 | CONSTRUCTION & REAL ESTATE | COLUMN

TBY talks to Rizwan Sajan, Founder & Chairman of DANUBE Group, on buying trends.

In 2015 the company recorded a turnover of AED5.14 million. To what do you attribute this 83% growth?

We followed the same business that we were in and expanded within building material and home furnishing retail show rooms. There was a big jump in the property market and that helped contribute considerable value to our turnover. The retail business and new properties also contributed a lot.

What trends are you seeing in the real estate market?

People are focusing more on the mid-range segment because the majority of people, including the wealthier segment are prioritizing affordable housing. Everybody has realized that there is a huge vacuum and big market that can be capitalized on. Previously the market focused on huge towers and apartments worth AED2,000 per square feet, with an average apartment cost around AED4 million, but now people are focusing on apartments worth AED1 million or less.