The new developer Meteora has entered the Dubai market with successful sales
Dubai-based company Meteora Developers has successfully sold its first projects, two identical towers, for a total sum of over 204 million dirhams (US$55.54 million). Rising 76 meters above the ground and offering a total built-up area of over 53,600 square meters, The East Crest will consist of 118 one-bedroom residences across 19 floors, with each apartment ranging from 197 to 230 square meters.
The East Crest and 7 Park Central towers, both standing 19 floors high, are located in District 17 of Jumeirah Village Circle (JVC). Sales commenced in the second quarter of this year, and the apartments were sold within a few days. Meteora Developers will soon announce the launch of the second identical tower, 7 Park Central, in the neighboring area of JVC.
Founder and CEO of Meteora Developers, Praveen Sharma, stated, "The Dubai real estate market is experiencing a significant post-pandemic boom that most of us didn't anticipate. May data showed a rapid return to pre-pandemic sales levels in the first quarter of 2023. It was during this period that we sold our very first project, which speaks to the strength of the overall market: investors from all around the world are acquiring new properties in large numbers."
Sharma is currently preparing to unveil their third project: "For Meteora Developers, 2023 will be a remarkable year of openings as we launch six projects worth over 700 million dirhams (US$190.58 million), two of which were sold within a few days of their launch. And we hope to continue this trend with the other four projects we are working on. This reflects the market frenzy and strong investor interest in affordable yet quality luxury homes."
Sharma also points out that they currently have a significant advantage over other developers, as most of them require a 20% down payment, with investors paying at least another 12-24% over the next one to two years. In contrast, they put properties up for sale after reaching a significant stage, thus reducing the delivery time to buyers and providing investors with a ready product that is at least 10-15% more profitable.