Aqua Properties, based in the UAE, is gearing up to introduce two projects valued at Dh3 billion within the coming six months, in direct response to the surging demand for off-plan units, particularly in Dubai.
Ali Tumbi, the company’s founder, highlighted Aqua Properties’ proactive role in the real estate sector. He mentioned their supervision of three ongoing projects alongside two upcoming ones.
These new ventures encompass high-end apartments and mixed-use developments strategically positioned, marking Aqua Properties as a pioneering entity in delivering inventive real estate solutions.
Among the upcoming ventures are plans for a 50-storey-plus tower situated on Sheikh Zayed Road, alongside another project set to occupy a sprawling 300,000 square feet site, marking the largest land parcel in Arjan, an emirate in the UAE.
Tumbi emphasized the company’s goal of delivering more than 500 residential and commercial units by the first quarter of 2024.
Highlighting Dubai’s unique market dynamics, particularly its reliance on cash transactions, Tumbi expressed how these factors continually position the city as a favored destination for real estate investments.
Recent data released by the Dubai Land Department reveals that in the initial nine months of 2023, Dubai recorded 116,116 new property transactions valued at approximately Dh430 billion (equivalent to $117 billion). The real estate sector demonstrated notable growth, witnessing a 33.8 percent surge in transactions annually, while values increased by over 36.7 percent during the same period.
“This significant advancement sends a compelling message to international investors seeking to secure their wealth through real estate investments, which are increasingly acknowledged as the new global currency,” he stated.
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