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. Expanding SAMANA’s portfolio in waterfront projects will strengthen SAMANA’s position as a major growth player.
The huge investment of AED 12.5 Billion, mostly in waterfront projects, will be a game-changer and will place SAMANA Developments among the top five growing developers in Dubai, becoming one of the top 10 developers in 2023.
“Dubai’s real estate market represents an exceptional opportunity, and we are well placed 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 waterfront lifestyle.
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.
Omran commented: “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.”
Buyers of award-winning SAMANA Real Estate Development are comfortable with the long-term payment plan, up to eight years with a 1% monthly payment. It helps the buyer decide whether to buy an apartment and move from renting an apartment to owning a home.
Dubai’s bullish forecasts
Successive positive forecasts for Dubai have created a lucrative 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 emirate’s real estate market continues to strengthen 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.
SAMANA’s strategy is consistent with Dubai’s continued optimistic outlook regarding the real estate sector. SAMANA Real Estate Development Company has a positive, well-planned growth strategy, innovative ideas, and affordable and high-quality assets, which attracts local and international investors.