First-time This month, the Dubai-based real estate business Meteroa Developers entered the Dubai real estate market by selling out its first two projects, two nearly similar towers that cost a total of Dh204 million.
The East Crest and 7 Park Central, both rising 19 stories above District 17 of Jumeirah Village Circle (JVC), were introduced consecutively in Q2 of this year and sold out in a matter of days, demonstrating, in the developers’ estimation, strong demand for the affordable luxury category in the emirate.
The East Crest will be a 250-foot-tall building with 118 one-bedroom apartments that are scattered across 19 floors and a total construction area of more than 167,000 square feet. The carpet area of each apartment will be between 648 and 775 square feet. The Dh102m project, which will be completed in the second quarter of 2024, was started in May after the building was prepared using internal financing. Within days of its release, the property was purchased by investors, purchasers, and brokers, prompting Meteora Developers to announce the construction of a second, identical skyscraper, 7 Park Central, in a nearby suburb of JVC.
“The real estate market in Dubai is seeing a huge post-pandemic boom, the likes of which most of us hadn’t quite anticipated. May data has showed a swift return to Q1 2023 sales levels. That’s when we sold out our very first project and that tells you how good the market has generally been with investors from all over picking up new properties in numbers,” said Praveen Sharma, founder and CEO of Meteora Developers, whose second property – 7 Park Central, launched in the middle of May — sold out this month. The second tower is also expected to be handed over to buyers in Q2 2024.
“For Meteroa Developers, 2023 is going to be a remarkable opening year as we launch six projects worth over Dh700m – two of which sold out within days of their launches. And we expect to continue the trends with the other four projects we are working on. This only reflects the buoyancy in the market and strong investor interest in affordable yet quality luxury homes,” said Sharma, who is now readying to announce his third project in July after launching his company only last October following two decades of real estate experience in Dubai.
“More tenants in Dubai today are keen to turn end-users thanks to the rising rents. This is where we come in with projects that are super profitable for investors in the long run because of our pricing structure and post-handover payment plans we offer,” said Sharma, who runs the company with his Jordanian partner Omar Al Amour, who owns an unlimited height contracting company. “That gives us an immense advantage over others. Most developers take 20 percent upfront and investors pay at least another 12-24 percent over the next one to two years but we, as a policy, start our construction and launch our projects only after reaching a substantial stage, thus reducing our delivery period and in turn giving our investors a finished product that at least 10-15 percent more cost effective,” said Sharma.
