Demand strong for mid-income houses

Dubai: Demand for mid-income housing has been on the increase over the past few years especially with Dubai's continuing property boom that has been driving higher rental prices, according to a leading developer.

"There has also been a spillover into the Northern Emirates (Sharjah, Ajman, Umm Al Quwain and Ras Al Khaimah) - areas which used to enjoy lower rent - from the large number of families looking for more affordable living stand-ards," a spokesperson of Star Giga, a Dubai-based developer, said in a statement.

"The imbalance between the number of luxury properties being developed for high income earners versus those targeted at mid-income families provides an opportunity for real estate developers, as well as investors."

Star Giga Establishment Limited, a joint venture enterprise between ETA Star Property Developers and Mazyood Giga International FZE, yesterday announced that it has sold 15 per cent of its project Goldcrest Dreams - Phase 2 (Goldcrest Dreams 2) which was officially launched on Wednesday.

"The turnout has been tremendous. We are very pleased that our assumptions and predictions regarding the high level of demand for mid income level housing has materialised," said Amir Haji Ameen, Director of Star Giga Establishment Limited.

"We believe that there is still plenty of demand out there for quality homes at affordable prices."

To facilitate stress free ownership, Star Giga offers innovative purchase plans to the buyers, as well as an interest free installment plan, which at a rate of Dh1,999 per month, makes buying a property at Goldcrest Dreams 2 affordable to many.