Aqua Properties, a prominent UAE-based real estate company, is set to launch two ambitious projects worth Dh3 billion in the next six months in response to the robust demand for off-plan apartments across the nation, particularly in Dubai. The company, led by founder Ali Tumbi, is currently managing three ongoing projects with two more in the pipeline, encompassing upscale apartments and strategically located mixed-use developments. Among the upcoming projects is a towering structure on Sheikh Zayed Road, standing at over fifty stories, and another on a 300,000-square-foot plot in the Arjan area, the largest land parcel in that emirate section.
Aqua Properties aims to deliver over 500 residential and commercial units in the first quarter of 2024. Tumbi attributes Dubai’s appeal for real estate investments to its unique market dynamics, characterized by a prevalence of cash transactions. Recent data from the Dubai Land Department reveals that in the first nine months of 2023, the city witnessed 116,116 new property transactions valued at around Dh430 billion ($117 billion), marking a significant 36.7% increase in values and a 33.8% rise in transactions compared to the previous year. This growth reinforces Dubai’s standing as a prime destination for global real estate investments, perceived by many as a secure avenue for preserving wealth.
