Samana is broadening its portfolio to include waterfront developments, which will solidify its position as a leading growth player in Dubai.
Samana Developers, based in Dubai, announced today its intention to invest Dh12.5 billion ($3.4 billion) in new residential projects across Dubai for the remainder of 2024. Additionally, the company plans to grant 18 construction contracts this year. With its expansion into waterfront developments, Samana aims to solidify its position as one of Dubai’s top growth players.
The significant investment of Dh12.5 billion, primarily in waterfront projects, will elevate Samana Developers to one of the top five fastest-growing developers in Dubai, advancing from its position in the top 10 achieved in 2023.
Imran Farooq, CEO of Samana Developers, expressed confidence in Dubai’s property market and the company’s ability to seize the opportunity, stating, “Introducing high-yield waterfront properties will offer investors a lucrative asset class showcasing Dubai’s sun, sand, and sea lifestyle.”
Throughout the remainder of 2024, Samana Developers will allocate 18 construction contracts and collaborate with top contractors to ensure the punctual completion of its projects with high-quality finishes, thereby ensuring timely delivery.
Imran remarked, “As we extend our presence locally, our objective is to provide both local and international investors with high-yield property assets. Samana Developers’ strategy is in line with Dubai’s consistently optimistic view of the real estate sector. The company possesses a well-structured forward-looking growth plan, innovative concepts, and affordable yet high-quality assets, which are appealing to both local and global investors.”
Buyers of Samana Developers’ award-winning properties find comfort in the long-term payment plan, which extends up to eight years with a monthly payment of 1%. This payment scheme facilitates buyers’ decisions to purchase an apartment and transition from renting to homeownership.
Dubai’s Optimistic Outlook
Dubai’s consecutive optimistic outlook has fostered a favorable environment for the real estate industry. According to recent data from the Dubai Land Department, Dubai recorded a historic 1.6 million real estate transactions in 2023. This surge reflects the ongoing strengthening of the emirate’s property market amidst robust economic growth. The total value of real estate transactions in the emirate reached Dh634 billion, with transaction numbers reaching 166,400 in 2023. This represents a 20% annual increase in transaction value and a 36% increase in transaction numbers.
Dubai’s highly optimistic real estate outlook, combined with supportive regulations and a well-established infrastructure, significantly aids Samana Developers in its growth and enables the offering of world-class yet affordable properties.
