“In terms of investment, our development strategy over the next 2 years is to build and sell 1 million square feet of GFA. Our first development, Adhara Star, has a built-up area of 127,000 square feet and completely sold out in less than 3 months.”

“We also plan to launch one more project by the end of 2023. This upcoming project will be considerably larger in scale than Adhara Star, marking a significant milestone in our portfolio expansion. We are also committed to launching three to four luxury apartment projects annually in 2024 and 2025. These projects will exemplify our dedication to creating exceptional living spaces and offering diverse options to meet the discerning preferences of our clients.

“These developments collectively position us to achieve our target of developing and selling 1 million square feet by 2025, contributing to our vision of reshaping the concept of modern living through innovation and sustainability.” Iyer added.

He noted that the UAE real estate market, particularly Dubai, continues to outperform most of the major global cities when it comes to demand and capital gains. It continues to be a dynamic global business and tourism hub with a strong commitment to infrastructure development and economic diversification and we anticipate sustained demand for high-quality residential and commercial properties, driven by both local and international investors.”

“It is also important to consider Dubai and the UAE’s dynamic population growth which continues to rise. For example, Dubai’s population increased by 100,000 new residents last year and this trend is expected to continue as more people realize the benefits of living and investing in the world’s safest, happiest city.”

“The momentum in Dubai’s property sector continues to show resilience and growth year on year since its start in early 2021. Demand shows no signs of letting up as more people including many of the world’s wealthiest flock to this young metropolis in search of a better quality of life for their families while taking advantage of Dubai’s strategic geographic location and its business-friendly regulations.”

“Adhara Star is ACUBE’s first 17-storey residential project in Arjan, Dubai South and will deliver 113 residential units in 1, 2 and 3 bedroom configurations and retail spaces by the First quarter of 2025. Adhara Star will deliver living experiences that exceed buyer expectations, with dedicated multi-storey parking and retail shops for tenants.

With the land and construction, the project cost which was funded completely by our Group was around Dh150 million.

“Dubai’s luxury segment has outperformed all others in terms of gains and price, as the ultra-wealthy continue to flock to Dubai since the end of the pandemic lockdowns. Luxury properties have continued to see significant value gains with a 48.8% increase in prices in the year to June 2023.”

“Since the third quarter of 2020 when property prices had hit their bottom, the luxury property segment saw a whopping 225% price increase to date as demand continues to surge, placing Dubai in top position in the Knight Frank Global Cities Index which it has held for eight consecutive quarters. The second and third highest performing property markets are Tokyo and Manilla respectively, making Dubai the world’s busiest luxury property market.

“We are planning to add luxury residences to our portfolio but after we have successfully sold and built our initial developments, enable us to complete our mid-market developments before moving into the luxury space.” Iyer concluded.