Dubai-based SAMANA Real Estate Development Company announced a huge investment of 12.5 Billion Dirhams ($3.4 Billion) in new residential projects in Dubai. The company also announced the award of 18 construction contracts this year.
The company stated that the huge investment, amounting to 12.5 Billion Dirhams, most of which is in waterfront projects, will change the rules of the game and will place SAMANA Development among the top five growing developers in Dubai, to become one of the top 10 developers in 2023.
“Dubai’s real estate market represents an exceptional opportunity, and we are well positioned to capitalize on it,” said Imran Farooq, CEO of SAMANA Real Estate Development.
He added: “By offering high-yielding waterfront properties, we are ready to provide investors with a profitable asset class that offers the best of Dubai’s sun, sand and sea lifestyle.” And: “During the remainder of 2024, SAMANA Real Estate Development Company will award 18 construction contracts and establish partnerships with major contractors to ensure the timely implementation of its projects with high-quality finishes and thus timely delivery.”
He continued: “As we expand our footprint locally, our goal is to offer local and foreign investors innovative, high-yielding real estate assets. Our ambitious plan is fully aligned with the Dubai Economic Agenda 2033.”
SAMANA Real Estate Development Company offers a long-term payment plan, up to eight years with a monthly payment of 1%.
Successive positive forecasts for Dubai have created a profitable environment for the real estate sector. According to the latest data issued by the Dubai Land Department, Dubai recorded a record number of 1.6 Million real estate transactions in 2023. This increase comes as the real estate market in the emirate continues to flourish amid strong economic momentum. The total value of real estate deals in the emirate reached 634 Billion Dirhams, with the number of deals reaching 166,400 deals in 2023. This represents an annual growth of 20% in the value of deals and 36% in the number of deals.