Dubai is all set to break all previous records in terms of the total value of transactions in a year. What are the major reasons for this exceptional growth, according to you?
Traditionally, Dubai benefits of being an internationally top place to live, work and do business. Every year is a better year. 2023 has been a much stronger year and all economic factors have shown a growth trend. The year 2022 was strong too for villas and A-graded residential apartments. But 2023 has seen even stronger demand for any kind of property including residential, villas, offices, warehouses and commercial properties. 2023 has witnessed more businesses moving to Dubai along with the mega success of the UAE Golden Visa, which is a great relief for investors and their families.
The year 2022 was great, and 2023 so far has been nothing but magical. What’s your prediction for 2024? How will the Dubai real estate market fare?
2024 again, is clearly anticipated to be a even stronger year, with the overall market size to grow by an estimated 40-50%. The off-plan sector will continue to dominate over all other sectors as global investors are attracted by convenient payment plans and they can still benefit with the UAE Golden Visa with off-plan property purchases.
What are the next steps your company is planning to take in 2024 to propel growth?
After a record-breaking year of 2023, we are targeting a 250% growth in 2024.
Following the fundamentals will help Samana Developers grow and achieve its target – Continuing its policy of being on time every time, Samana has recently delivered Samana Golf Avenue project and will be delivering four more projects in the next 13 months. Most of the other projects are ahead of schedule and should form a strong handover plan for 2025 and beyond. Additionally, Samana Developers will be launching a super luxurious project fulfilling its target of serving the market which demands 3S approach – Sun, Sand, Sea. This launch will put Samana Developers in the race of the super-premium market with a ticket price of $3 million to $20 million. Samana Developers will launch three international offices to take the product offering closer to its main market.