Dubai, UAE — Condor Developers has completed Condor Fortuna, an 85-flat building in Majan, part of Dubai’s Dubailand district. Of those 85 homes, 75 are one-bedroom apartments. The developer said the project cost AED 120 million ($32.6 million).
That mix is aimed squarely at renters. One-bedroom flats made up about 41% of Dubai’s freehold rental contracts in the first ten months of 2026. Investors buying in Majan are betting that demand holds as rents fall.
Five Floors Of 17 Flats, Fifteen Of Them One-Beds
The building has a basement, a ground floor, a podium, five residential floors and a rooftop, according to a TradeArabia report carried by Zawya. Each floor has 17 homes: one studio, 15 one-bedrooms and one two-bedroom. Gross floor area is about 89,404 sq ft.
Majan sits near Sheikh Mohammed Bin Zayed Road, Al Ain Road and Al Khail Road. The developer says Global Village is about seven minutes away and Downtown Dubai and the airport 15 to 20 minutes by car.
Chairman and chief executive Vidhyadharan Sivaprasad called it “an exclusive and boutique residential project.” He said the company’s priority has been finishing projects on committed timelines.
Sixth Building, AED 750 Million Delivered In Two Years
Condor Fortuna is the developer’s sixth residential project in Dubai. Condor says it completed AED 750 million of projects in the past two years, about 500 apartments in three buildings. They include Condor Concept 7 in Jumeirah Village Circle, with 141 units. Golf Links 18 in Dubai Sports City has 256.
The company also says 95% of units in its last two projects were handed over ahead of schedule. These are Condor’s own figures, and it did not give a handover date for Condor Fortuna.
Also read: Dubai Rental Contracts Head For A Record As Rents Fall 7%
AED 1,342 Per Sq Ft To Build, Or About Rs 35,000
Divide the stated cost by the floor area and the building works out to about AED 1,342 per sq ft. At 26.2 rupees to the dirham, that is roughly Rs 35,200. Spread across 85 homes, the average is about AED 1.41 million per flat, or Rs 3.7 crore.
These are cost figures, not sale prices. The floor area also includes common space, so the numbers are only a rough guide. Even so, the cost is above Anarock’s mid-2026 benchmark of Rs 29,270 per sq ft in Mumbai. It is two to four times the benchmarks for Gurugram and Hyderabad.
Majan sale prices vary widely in agency data. Buyers should check Dubai Land Department transactions before paying.
A Kerala Builder’s Name On A Dubailand Block
Condor has roots in both markets. In 2006, a Business Standard report said the UAE-based Condor group planned Rs 200 crore of projects in Kerala. Five were in Thiruvananthapuram. For Gulf-based Keralites, that history makes it a familiar developer.
For a buyer living in India, an average flat at about Rs 3.7 crore is more than one person’s annual limit under the Liberalised Remittance Scheme. That limit is USD 250,000, about AED 918,000. A couple pooling two limits could cover it in one year. Remittances above Rs 10 lakh attract 20% tax collected at source, and Indian banks cannot lend for these transfers. The dirham has also gained about 6.8% against the rupee this year.
Rents Are Falling Just As Majan Fills Up
The risk is rent. CBRE put average Dubai rents 7% lower in the third quarter than a year earlier. Cavendish Maxwell expects 136,100 homes to complete across the city in 2027. A building where almost nine in ten flats are one-bedrooms depends on that single segment of the rental market.
Small buildings also have fewer units to share service charges, which can cut net returns.
Condor Fortuna’s First Leases And Resales
The first rents agreed at Condor Fortuna will show what landlords can get in Majan now. Resale prices on Dubai Land Department records will show whether the building holds value against newer stock in Dubailand.
A Finished Building Removes One Risk, Not All
For investors, Condor Fortuna is complete, which removes construction risk but not the rent risk in a softening market. End-users get a small building close to Al Khail and Al Ain roads. For Indian buyers, a completed one-bedroom avoids the construction risk of buying off-plan, in Dubai or in Gurugram. The cost per square foot is still above Mumbai’s benchmark, and the rent is falling.
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