Dubai Real Estate Expansion: Samana Developers to Inject $3.4 Billion
Dubai’s property market is set to receive a significant boost with Samana Developers announcing a hefty investment of AED12.5 billion ($3.4 billion) into multiple new residential projects within the city this year.
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The investment plan encompasses the initiation of 18 construction projects, a move aimed at broadening Samana Developers‘ reach in the highly sought after waterfront development arena.
This strategic expansion is not just about growth; it’s poised to propel Samana Developers into the top five real estate developers in Dubai, a leap from its previous top 10 position in 2023.
A Leap Towards Market Leadership
Imran Farooq, CEO of Samana Developers, expressed optimism about the venture, highlighting Dubai’s real estate market as an exceptional opportunity ripe for capitalization.
“Dubai’s property market presents an exceptional opportunity, and we are well-positioned to capitalise on it,” he remarked.
By rolling out high-yield waterfront properties, Samana aims to offer investors an asset class that encapsulates the quintessential Dubai lifestyle of sun, sand, and sea.
Record-Breaking Transaction Surge
The real estate sector in Dubai has witnessed remarkable growth, with a record 1.6 million transactions last year. This trend signifies the city’s continued appeal to a broad spectrum of investors.
Samana Developers aims to enrich this vibrant market by providing both local and international investors with high-yield property assets that promise both quality and affordability.
Farooq’s vision for Samana encompasses a blend of forward-looking growth strategies, innovation, and commitment to offering valuable real estate opportunities that align with Dubai’s optimistic real estate outlook.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
