Danube Properties launches Elitz 3 in Dubai
Danube Properties launches Elitz 3 in Dubai
On August 5, developer Danube Properties launched the Elitz 3 project, worth over AED800 million. The complex will be located in Jumeirah Village Circle (JVC), where the Elitz and Elitz 2 towers are being built. When completed in the fourth quarter of 2026, the twin towers will consist of 40 and 46 floors, comprising 750 residential units - studios, 1–3-bedroom apartments, as well as several retail stores. The complex will also include a variety of public, medical and domestic amenities, including a health club, swimming pools, sports arena, tennis court, barbecue area and jogging track, among other facilities.
Elitz 3 is the 24th residential project by Danube Properties and the 9th tower completed in the last 18 months. With this complex, Danube's portfolio of projects is 11,529 units spread across 24 projects with a total development value in excess of AED 10 billion. According to Danube Group Founder and Chairman Rizwan Sajan, Dubai's property market continues to withstand the global economic slowdown due to its dynamism and attractiveness and they will soon see steady growth, which strengthens their strong faith in the market. This is what prompted them to launch the Elitz 3 just a month after the launch of the Elitz 2 at Jumeirah Village Circle.
The launch of Elitz 3 comes after the Dubai real estate market saw an unprecedented surge in property transactions, reaching 60,440 transactions worth AED177.3 billion registered in the first half of the year. The value of property sales recorded in the first six months of the year exceeds the annual value of sales recorded each year in Dubai from 2009 to 2021. Currently, real estate is the biggest engine of Dubai's economy, attracting a large amount of local and foreign investment.
Residential unit prices start at AED 699,000 for a studio apartment. Elitz 3 comes with an advanced monthly payment plan of 1% after initial deposits, making home ownership more affordable and attractive. Their trend-setting 1% monthly payment scheme is helping more and more tenants buy property and enjoy life in their own homes, which has increased the number of homeowners in the UAE, added Rizwan Sajan. Danube says their homes are usually rented out around the middle of the payment plan, which means the buyer can move into the apartment after paying 65% of the total property price. This helps homeowners generate additional revenue either by increasing rental savings or by paying equal monthly payments (EMI) from rental income.
The private developer has a policy of launching one project at a time, selling it, and then assigning a contractor to build it before launching the next one. 11 of them have been delivered and the rest are currently in various stages of construction. The developer will supply three towers this year, including Wavez, Jewelz and Olivz. Most of the projects launched in 2022 and 2023 are ahead of schedule for construction and completion, the statement said on Sunday. Danube recently signed an agreement with the Dubai Land Department to enter into an initial sale contract (Oqood) with property buyers almost instantly.
