MAG Development launches AED8 billion residential projects in Dubai

MAG Development, the real estate development arm of MAG Holding Group,  on Sunday, announced the launch of its massive AED8 billion residential projects and a comprehensive programme of Dh120 per day payment option to own a property in Dubai, a move that will boost the company's presence in the emirate's real estate sector.

This exceptional initiative, which will be the first of its kind in the region, an investment of AED8 billion will be injected into the market to provide four major projects: MAG City, Meydan, Al Furjan Villas and MPL Tower in Jumeirah Lakes Towers.

The new programme provides the customers with the opportunity to pay Dh120 per day to own a house without any additional terms or fees and offers easy payment plans over long periods of up to 20 years.

The programme is in line with Dubai's vision and market needs and is an active contribution to the Government's policy on low-income and affordable housing, which is of great focus in the emirate. This  focus  reflects their   interest in creating  balance in the real estate sector  to cater to the growing demand of this segment.

MAG Development housing programme, which supports  the real estate market with attractive ideas, will be an immediate practical response to the message of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. His Highness stressed the need to find exceptional and innovative ideas and develop quality projects to push the emirate's economy towards a new horizon.

“The programme will help to enhance the attractiveness of the Dubai market globally by attracting foreign investments into the sector, and luring qualified people to move and live in Dubai," MAG Development Chief Executive Officer Talal Mowaffaq Al Qaddah said. 

“The new project, which is a special programme for affordable housing, and supports investors of all categories alike, is based on the company's vision that developers' policies must change to meet market demands and keep pace with its development and growth rates, as well as the diversity of projects," Al Qaddah added. 

He noted that all developers are invited to increase the momentum of the emirate's trends and the government's interest in creating a balance in the real estate supply and to meet the growing demand  for affordable housing options.

The growing demand for medium-size housing units  in the coming years places a real challenge to real estate developers  adding to their responsibilities to  enhance the contribution in  assuring market balance and translating Dubai's ambitions into reality.

Al Qaddah said that all payment plans  are tailored specially  for the programme, which means that  the customer will not have to pay registration fees, service fees or any other administrative fees, while the payment periods vary between 10, 15 and 20 years. The programme also provides additional benefits such as life insurance and programmes for protecting employees from job loss.

The programme, which accommodates all categories  with no pre-conditions, was specifically designed to help create demand in the emirate's real estate market and support demand for affordable property.

"We have a long-term vision as the parent group, MAG Holding, established 41 years ago, believes in Dubai's real estate market and its perspectives that boosted its  position at the forefront of global markets. We believe that Dubai is moving towards economic sustainability," said  Al Qaddah.

He  also  emphasised the idea  that MAG Development will continue to work on marketing real estate new concepts to provide customers with the best opportunities and support both the individual and family financial and stability plans in the long-term . They bear in mind that the purchase of real estate is one of the most important bases that ensure the growth of the future economy in the happiest city in the world.