Mag 330

MAG is a diversified Emirati group with a substantial property arm, working at both ends of the market: affordable housing on one side and, through MAG Lifestyle Development, branded and wellness led luxury on the other. Keturah, in Mohammed Bin Rashid City, is the project that best represents the second.

What do they build?

Two quite separate things. Mid market and affordable apartments, largely in Dubai South and the outer districts. And a small number of ultra prime, wellness positioned residences at the other extreme. Very little in between.

Where do they build?

Dubai South and the southern corridor for the mid market stock, and Mohammed Bin Rashid City and the central waterfront for the luxury projects.

What should you check before buying?

• Which MAG you are buying from. The affordable and the ultra prime products are different businesses with different price logic. Do not read across from one to the other.
• What a wellness or branded premium buys. On the luxury side, establish what is actually included, what it costs annually, and what happens to it if the operator changes.
• Location reality on the affordable side. Dubai South is a long way out and the infrastructure case is partly about the future rather than the present.
• Service charges, which differ enormously between the two ends of their range.

Are they a safe developer to buy from?

The group is long established and diversified, which is a genuine strength. The judgement here is about the specific project rather than the company: the affordable stock lives or dies on location and supply, and the luxury stock on whether the premium is justified for the unit in front of you.