New Ritaj development hits Dubai market with 2,000 plus units

Dubai:Sale and rental values in Dubai’s mid-tier property market could come under stress with a new development releasing as many as 2,024 apartment units in one go.

The units are spread out over 11 buildings in Dubai Investments Park and are part of the Ritaj development from Dubai Investments Real Estate. Rents start from Dh23,000 a year and is also being backed up with a rent-to-own scheme.

The release comes just when rentals in mid-tier residential locations — both freehold and non-freehold — within the emirate were showing signs of stability and even had some landlords looking to update the lease terms on their properties. Also, given that the new units are located in Dubai Investments Park, they could even attract interest from professionals working in but prefer to reside in Dubai. (The developer makes it a point to state that Ritaj is an hour’s drive from )

“Customers in this property segment are very price sensitive and they will surely do their homework when it comes to obtaining real value for their money,” said Mohanad Alwadiya, managing director of Harbor Real Estate. “The introduction of 2,024 new units within a green gated community will have a strong impact on the older and less equipped communities.”