The Dubai Investments Team Unveils New Real Estate Developments

Dubai Investments Team Unveils New

Dubai Investments Real Estate Firm, Dubai Investments’ real estate arm, reported on
Monday that it has begun working on new Dubai residential and commercial
ventures.

The latest
developments in Mirdif, Meydan, and Jumeirah, suit the company’s RITAJ scheme,
the Dubai Investments Park
residential complex.

The company
said in a statement that most of the residential units within RITAJ, containing
over 2,000 apartments in 11 blocks spread over 2,580,000 square feet, have been
sold or rented.

“DIRC
general manager Obaid Al-Salami said: “Our projects are going to Meydan,
one of the most exciting destinations in the world; Mirdif, one of the most
sought-after residential neighborhoods; and Jumeirah
Village
, Jumeirah’s idyllic growth.

“The
projects stem from the return of investor buoyancy to the residential sector in
Dubai, which has maintained positive momentum amid strong market fundamentals
and steady economic growth.”

“He
added: “RITAJ’s performance is a result of the immense confidence and
trust in our quality of construction and execution. We are pleased to announce
information about our upcoming ventures at strategic locations within Dubai to
step forward in this direction.

He did not
provide any further information about the proposed new projects.

A recent
report by Standard Chartered Bank reported that purchase prices increased by
38% for Dubai apartments and by 24% for villas for the year.

It was the
fourth successive year-round rise in house prices in the fourth quarter.
Apartment rentals rose 20%, while villa rents rose 17% year-on-year, the study
said.

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