(MENAFN) Dubai's Deyaar Development announced that it will fund 30 percent of its USD817 million Midtown project through bank loans, the real estate company's chief executive said.
Rising living costs in Dubai have put a squeeze on many residents' disposable income, with house prices up by more than half since the start of 2013 and rents rising accordingly.
Deyaar, the emirate's third-largest listed developer by market value, will own half the project's 2,500 units and lease them to tenants, Deyaar Chief Executive said in a press conference.
Dubai developers have increasingly sought to retain some properties within their developments because lettings provide a stable, predictable cash flow that helps offset potential volatility in the sales market.
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