Meteora Developers, a newly established real estate company based in Dubai, made an impressive debut in the thriving real estate market of the city. Their inaugural projects, two identical towers named East Crest and 7 Park Central, generated exceptional sales exceeding a combined value of Dh204 million
Located in District 17 of Jumeirah Village Circle (JVC), both East Crest and 7 Park Central soared 19 floors high, capturing the attention of buyers seeking affordable luxury options. The projects were sequentially launched in the second quarter of this year and remarkably sold out within days, showcasing the strong demand for this segment in Dubai.
The striking East Crest tower stands tall at 250 feet above the ground, encompassing a construction area exceeding 167,000 square feet. It offers 118 one-bedroom residences spread across its 19 floors, with each apartment ranging from 648 to 775 square feet in carpet area. The project, valued at Dh102 million, was unveiled in May after securing in-house funding and is projected to be handed over in the second quarter of 2024. Investors, buyers, and brokers swiftly seized the opportunity, resulting in rapid sales shortly after its introduction. Encouraged by this success, Meteora Developers subsequently announced the launch of their second identical tower, 7 Park Central, in the adjacent neighborhood of JVC.
Meteora Developers’ impressive entry into the Dubai real estate market, marked by the swift sale of their maiden projects, indicates the strong demand for affordable luxury properties in the emirate. With meticulous planning and in-house funding, the company has demonstrated its commitment to delivering exceptional residences, catering to the needs and preferences of discerning buyers in Dubai.
“The real estate market in Dubai is experiencing an unexpected and significant post-pandemic surge. While April saw a substantial decline of 33 percent in sales transactions and 18.3 percent in sales value compared to March – marking the first downturn in 2023 since December 2022 – the latest data from May indicates a rapid rebound to Q1 2023 sales levels. This remarkable recovery is evident in the swift sell-out of our inaugural project, highlighting the overall positive market performance with investors from around the world actively acquiring new properties,” stated Praveen Sharma, the Founder and CEO of Meteora Developers. The company’s second property, 7 Park Central, launched in the middle of May and has already sold out. The handover of the second tower is also slated for Q2 2024.
Sharma continued, “For Meteora Developers, 2023 is proving to be an exceptional inaugural year as we unveil six projects valued at over Dh700 million, two of which sold out shortly after their launch. We anticipate that the trend will continue with our remaining four projects. This clearly reflects the vibrancy of the market and the strong investor interest in affordable yet high-quality luxury homes.” Sharma, who established the company in October of the previous year after two decades of real estate experience in Dubai, is now preparing to announce the third project in July.
He further explained, “Due to escalating rental costs, more tenants in Dubai are inclined towards becoming end-users. This is where our projects come into play, offering substantial profitability for investors in the long run, thanks to our pricing structure and post-handover payment plans. One of our significant advantages over others is that we do not follow the traditional payment model. While most developers require a 20 percent upfront payment and an additional 12-24 percent over the following one to two years, our company policy involves commencing construction and launching projects only after reaching a significant stage of development. This approach reduces our delivery period and allows us to provide investors with a finished product that is at least 10-15 percent more cost-effective,” Sharma emphasized.
With a strong focus on customer satisfaction and strategic partnerships, Meteora Developers is poised to make a lasting impact in Dubai’s real estate sector, offering attractive opportunities for investors seeking profitable and well-located properties with flexible payment options.