Glitz Residence by Danube – Glitz Residence 1, 2, and 3 are three projects launched by Danube in Dubai Studio City and construction progress is underway.
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Who should Invest in Glitz Residence by Danube?
Someone who is looking for an affordable property in Dubai but is willing to expect a few set backs during construction phase and compromise on the completion date a little should definitely invest.
Who should not Invest in Glitz Residence by Danube?
Someone who is looking for an affordable property in Dubai but doesn’t want to stress over delays in construction should not invest with Danube in their off-plan project and should wait for few more months to see how the project is progressing.
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The time when first ever Glitz project was launched by Danube in Dubai, people were asking questions is it really worth it to spend their money? Given the aggressive advertising and marketing of the project and very attractive payment plan and tag line of only 1% per month, the project launch was a big success for the developer.
The phase one of the project was sold in first few days of the launch but question remains the same, is Glitz Residence by Danube really a good option to invest your money in Dubai?
There are certain basic questions that you can ask yourself to determine if the investment opportunity you are considering is really worth it or not?
- Developer and Its Track Record
- Project Type
- Launch and Estimated Completion Date
- Pricing and Payment Plan
- Customer Service
Developer and Its Track Record
In this case, the developer for Glitz Residence 1, 2, and 3 is Danube Properties. Keep in mind Danube is not a new name when it comes to construction materials and home/ office furniture accessories for residents of UAE but in terms of developing a real estate property, Danube has no landmark to show in its portfolio.
In such situation, your safest bet would be look at the track record of the company and its quality for other products and services. Danube is a trusted name and their products are considered to be of highest quality.
This is very important. Most of the luxury/ high-end projects with countless promises are not near to the reality and Dubai’s real estate market has seen this happening time and time again where projects were launched with amazing infrastructures but eventually needed to let go of many promised amenities because those were either financially or economically not possible.
An example is Palazzo Versace Dubai which initially offered to have a refrigerated beach but developer had to drop the plan due to environmental reasons.
Glitz Residence by Danube Properties definitely show you a dream of a house that you would love to own but to be honest, the dream is much nearer to the reality and the properties are not priced very high with a studio starting at Dh475,000 only.
Launch and Estimated Completion Date
Time and time again, developers in Dubai have failed to comply with their own given deadlines which causes frustration and distrust among investors. If you think that the estimated completion date given by developer is not realistic, listen to your gut feeling and don’t invest at that time. Wait for a few months to see how the construction progress shapes up and then if you think, the developer is on its way to finish the project in given timeline, invest your money.
In case of Glitz Residence 1 & 2, the estimated completion time is year 2017 and for Glitz Residence 3 the estimated year of completion is 2018. For projects of this scale, it is easily achievable however you should not forget that this is going to be first ever experience of Danube with construction a real estate project and that too 4 at a time. So if resources are not being utilized in a proper way and work not delegated in systematic manner, the project can face a delay in completion as a simple complication with contractor can hold the construction progress for months.
Pricing and Payment Plan
This is for your own investment bank account and budgeting, definitely. You should only invest in a real estate property that you can afford and if you think that a certain property is priced higher than it should be, the best thing that you can do is to stay away and search for something that comes under your budget and understanding.
Glitz Residence is priced moderately by the developer and this project is one of those few in Dubai that can fall under the category of affordable housing schemes. Initial down payment is only 10% and then another 15% after two months after which, you have to pay only 1% every month. Considering plans offered by high-end developers in Dubai where you are supposed to put down at least 30-40% as initial down-payment, this is not a bad deal at all.
Once you have bought a property from a developer through their sales staff or your agent, you will have to deal with customer service for every thing. Its a cruel reality of the world but once you have made a purchase, sales staff will only assist you when you want to buy something more otherwise, you are left on the mercy of customer service representatives. If a developer has very poor customer service department, my personal advice would be not to invest with them.
You can get an idea about their customer service by dialing the help line number and making few simple inquiries. The behavior and promptness of staff will give you a clear idea what kind of protocol you will received once you have invested with the developer.
Danube is no doubt a trustful name in UAE’s construction industry and although Glitz Residence 1, 2, and 3 is going to be their first ever real estate venture, no big complaints or rumors are flying around in the market for them so far. In such moderate pricing that the developer is offering, it wouldn’t be a very bad decision to invest in the project.