Abdul Latif Jameel Properties launches Dari II community; sells 60% of apartments in three days
- Following the successful launch of Dari Q, selling out in 2021, demand for units in Jeddah city center residential development Dari II grows
- Abdul Latif Jameel Properties reports strong growth in high quality residential real estate and a stable, robust residential market in Saudi Arabia
- Vision 2030 aims to increase Saudi families home ownership to 70%
Abdul Latif Jameel Properties has announced that more than half of its new Jeddah lifestyle residential community development has sold in the first three days of launch.
Dari II, a 98-unit community development comprising two-, three-, and four-bedroom apartments in the heart of Jeddah’s vibrant district Al Salamah, will be completed and ready for handover in early 2024. The hugely positive response to the new community, which also recorded an additional 15% reserved by prospective buyers, follows the successful release of Dari Q, which sold out in 2021.
According to real estate consultancy JLL MENA, the demand for Jeddah’s residential real estate sector in 2022 is likely to continue to be driven by the rising local population of Saudi citizens looking to own quality homes that complement their modern lifestyle.
With Saudi Arabia’s 32 million population growing at an average 2% annually, the residential market is dominated by young middle-class Saudis who are first-time homebuyers. This, in turn, is driven by the Vision 2030 government aim to increase the percentage of Saudi families owning homes to 70% by 2030.
Fady Jameel, Deputy President and Vice Chairman, Abdul Latif Jameel, said:
“This is a milestone for Abdul Latif Jameel Properties and their commitment to providing Saudi citizens with modern, high-quality developments which provide peace of mind, affordable and high standard of living. The hard work in creating a community of apartments, which are attractive to a range of residents, has paid off with this immediate response and positive feedback in sales and reservations.”
Raad Al Saady, Vice Chairman, Abdul Latif Jameel Properties, said:
“The response to the launch of Dari II underlines to us that the communities and projects we are developing are uniquely tailored to meet the aspirational living demands for Saudi families.
“It is a reassuring measure for the market that our new community of apartments has been so well received, and this is especially important as Saudi Arabia, the region, and the world, continues its recovery from COVID-19. Lifestyle services create a community for Saudi families who want to enjoy their homes. Abdul Latif Jameel Properties develops quality projects that will hold their value and offer strong return on investment, and the positive sales launch of Dari II is a testament for customers trust in Abdul Latif Jameel.”
Located close to schools, nurseries, and healthcare facilities as well as main artery roads Prince Sultan Street and Madinah Road, Dari II is also in close proximity to Jeddah’s prominent restaurants, cafes, and shopping malls.
The 98 apartments form a community situated around a central courtyard and residents will enjoy access to private swimming pools, a children’s play area, a gym and sports field, reception, as well as a multi-use hall for social gatherings and events in a secured environment.
The release of sales at Dari II comes after the successful launch of Dari Q, a modern and elegant take on urban living, with spaces designed for comfort, combined with a contemporary architectural design and luxurious interiors.