Dubai developer Ellington Properties has inked a Dhs150m deal with entrepreneur Abdul Razeq Abdul Ahad through Déjà Vu Real Estate to build a new residential tower in Dubai.
Design and master-planning for the tower – which is planned to be located in a central area of Dubai – will reportedly begin shortly.
The new partnership will add to Ellington’s growing portfolio of projects in Dubai. Ellington’s developments include the Belgravia II, handed over recently, and Belgravia Heights II (launched in June 2018) as well as Belgravia Square. Wilton Terraces and Wilton Park Residences in Mohammed bin Rashid City, and DT1, located in close proximity to Downtown Dubai and Business Bay, are other flagship developments by Ellington Properties.
Ellington co-founder Nitin Bhatnagar said: “This partnership is in line with our strategy of building up to 1,000 residential units annually. We are focused on expanding our portfolio through such strategic partnerships that enable us to deliver the right product offering at the right prices in the market.”
The deal comes as property prices in the UAE are falling, but residents are still mostly paying the same price or even more for rent. The yallacompare Consumer Confidence Tracker for the second quarter of 2019 shows more than 70 per cent of UAE residents still pay the same or more for rent compared to the previous year.
The findings come despite the survey revealing a 5 per cent drop in Dubai apartment rates in the first half of 2019.
Of the respondents to the yallacompare survey, 33.1 per cent said they were paying more for rent than they did in 2018. More than 8 per cent of respondents said they were paying in excess of 20 per cent more for rent than the previous year.