Dubai real estate does not show any signs of slowing down
Dubai’s real estate market has been consistently showing remarkable growth, with over 163,000 transactions amounting to more than Dh544 billion in the first nine months of 2024, and shows promising signs for the year ahead, an industry veteran said.
“Looking ahead to the new year, I am optimistic that the market will continue to thrive. We can expect to see further developments taking shape, with growth extending into the suburban areas of Dubai as demand diversifies and expands,” Saeed Mohammed Al Qatami, CEO of Deyaar Development, told Khaleej Times in an interview.
On Wednesday, Deyaar launched launch Park Five, a luxury residential community at Dubai Production City. Valued at Dh1.5 billion, this project will be completed in multiple phases and will feature several buildings. The new development focuses on wellness-centric living and community engagement, offering residents an urban sanctuary with meticulously planned amenities and competitive pricing.
“As part of phase 1, we are now unveiling two splendid buildings, Elm and Ember, which will form an inclusive, self-sustaining community. These buildings represent a new era in urban living, offering smart home residences designed for modern lifestyles. The development will include a mix of spacious studios, one-, two-, and three-bedroom residences, with attractive payment plan 50/50,” Al Qatami said.
Park Five’s strategic location in Dubai Production City, gives residents easy access to world-class shopping and dining, lush parks, golf clubs, top-tier schools, and renowned hospitals within minutes. Located near Sheikh Mohammed bin Zayed Road and Al Khail Road, Park Five is just minutes away from City Centre Me’aisem and is in close proximity to key locations, including the Dubai Exhibition Centre, Al Maktoum International Airport, and Expo 2020. Park Five is offered at attractive payment plan to accommodate a wide range of buyers, with Phase 1 scheduled for completion in Summer 2027.
Since its initial public offering (IPO) in 2007, Deyaar has expanded into different business units, including property development and management, hospitality, as well as facility management, which wss recently rebranded as Ontegr
“Over the years, we have made significant progress with project launches, including Midtown in Dubai Production City, the Mar Casa in Dubai Maritime City, Regalia in Business Bay, Tria in Dubai Silicon Oasis, our hospitality project Millennium Talia Residences in Al Furjan, as well as our latest projects, ELEVE in Downtown Jebel Ali and Rivage in Abu Dhabi,” Al Qatami said.
The Deyaar CEO sees significant growth in areas such as Dubai South, Nad Al Sheba, Jabel Ali, and Mohammed Bin Rashid City, and Dubai Land, which are poised for further development. “Business Bay will also continue to mature as it fills in its remaining plots. Additionally, areas like Dubai Silicon Oasis and the surrounding neighborhoods along the Dubai-Al Ain Road are expected to see continued expansion and growth,” he added.
Deyaar has fortified itself against surging land prices with an exceptional land bank and a strong portfolio of projects. “Our focus remains on maximising the potential of our current assets and delivering value. While we continuously assess market conditions and potential opportunities, any decisions regarding the expansion of our land bank will be made strategically, ensuring alignment with our future goals and growth objectives,” Al Qatami said.
The increasing frequency of projects in Dubai will be something to watch closely, Al Qatami said. “It will be interesting to see how demand evolves and how developers, especially new ones ensure their projects meet customer expectations. With many new players entering the market, there could be pressure to deliver projects on time and to the high standards expected, which I believe could present both opportunities and challenges for the industry,” Al Qatami said.
