Samana to invest $3.4bn in Dubai projects this year
CONSTRUCTION NEWS
Dubai-based Samana Developers on Monday announced it will invest Dh12.5 billion ($3.4 billion) in new residential projects in Dubai over the rest of this year.
In addition, the company will award 18 construction contracts this year, the company said.
Samana is expanding its portfolio to the waterfront developments which will further push Samana’s position as a top growth player in the emirate.
The game-changing investment, mostly in the waterfront projects, will position Samana Developers in the top-five fastest-growing developers in Dubai, moving up from top 10 developers achieved in 2023, it said.
“Dubai's property market presents an exceptional opportunity, and we are well-positioned to capitalise on it,” Imran Farooq, CEO of Samana Developers said, adding: “By introducing high-yield waterfront properties, we're set to provide investors with a lucrative asset class that offers the best of Dubai's sun, sand, and sea lifestyle.”
Over the rest of the year 2024, Samana Developers will award 18 construction contracts and will partner with leading contractors to ensure the timely execution of its projects with quality finishes.
"As we expand our footprint locally, our goal is to offer local and foreign investors high-yield property assets. Samana’s strategy aligns with Dubai's continuously bullish outlook of the real estate industry. Samana Developers has a well-planned forward-looking growth strategy, innovative ideas, affordable and quality assets, which attract the local and international investors.” Farooq said.
Samana has long-term payment plans that offer up to eight years with 1% monthly payment. It is aimed at helping the buyer make the decision on buying an apartment and moving from a rented flat to owning a home, the company said.
Dubai’s Bullish Outlook
Dubai’s consecutive bullish outlook has created a lucrative environment for the real estate sector. According to the latest data from the Dubai Land Department, Dubai registered a record 1.6 million real estate transactions in 2023. This surge comes as the emirate’s property market continues to strengthen amid robust economic momentum.
The total value of real estate deals in the emirate reached Dh634 billion, with the number of transactions hitting 166,400 in 2023. This marked an annual growth of 20% in the value of deals and 36% in the number of transactions.
The highly bullish outlook of Dubai’s real market, along with favourable regulations and an established infrastructure greatly helps Samana Developers grow and offer world-class, yet affordable properties, the company said. – TradeArabia News Service
