2023-10-18 06:21:55
Deyaar Real Estate Development Company expected to achieve better results by more than 90 percent during 2024 compared to the current year, whose profits in the first half amounted to approximately 118 million dirhams (more than 32 million dollars), and the company’s CEO, Saeed Al Qatami, said in an exclusive interview with “CNN Al-Eqtisadiah.” The proportion of Deyaar’s sales to Russians and Chinese does not exceed 11 percent, with Indians and Emiratis forming the overwhelming majority among investors.
He added that Deyaar provides flexible payment plans ranging from two to three years or more following handover, noting that most investors prefer sites close to the beach, as these projects generate more returns than other projects.
Deyaar Development owns a diverse portfolio of lands in various areas of Dubai, and the Al Furjan area in particular contains three plots of land that the company acquired more than 10 years ago.
The total value of residential projects in the Al Furjan area is estimated at approximately 300 to 350 million dirhams, and Al Qatami said that the company’s real estate portfolio ranges between sale and rental.
The company put the Amalia project up for sale in the Al Furjan area, and the sale rate was approximately 80 percent to 90 percent. The Millennium Thalia Residences project was also developed, which contains furnished hotel apartments managed by Millennium Hotels.
Al Qatami said, “The prices of hotel apartments in the Talia project range from 900,000 to 950,000 dirhams for one-room apartments, while the prices for two-room apartments are approximately 1.4 million dirhams.”
He added, “Deyaar is currently studying many partnerships in the Emirate of Dubai and outside it, and it is expected that final approvals will be reached from all concerned parties before the end of this year.”
Deyaar launched the Midtown complex, which consists of 24 buildings distributed over six areas, in addition to the vast Boulevard area, which includes a large group of stores, entertainment and sports facilities, a day care center and a nursery with an area of 3,000 square feet. This project is also considered the first Master Plan project for Deyaar.
According to Al-Qatami, “Deyaar seeks to achieve a 20 percent return on all its products,” but he considers that luxury projects are always the most profitable, and he said that the Marcasa project leads in terms of results and returns.
Marcassa is a 52-storey high-rise residential tower in Dubai Maritime City, developed by Deyaar Properties, and includes an excellent collection of studios and luxury apartments consisting of one to four bedrooms, duplex apartments, and penthouse residences, all of which feature unique, exclusive and modern facilities.
In conclusion, Al Qatami indicated that he expects real estate prices to continue to grow in the UAE, with the possibility of a slight correction in these prices in the coming period.
About Deyaar Development
Deyaar Development is a leading real estate development and real estate services company headquartered in Dubai. Deyaar has witnessed significant growth since its founding in 2002, becoming one of the most prominent companies in the sector within the region, with a capital of 4.38 billion UAE riyals.
It is worth noting that Deyaar Properties is 41 percent owned by Dubai Islamic Bank.
Deyaar represents a comprehensive real estate solutions provider, thanks to its commitment to excellence, vision in creating natural living environments and adopting customer-centric strategies, the company provides comprehensive services in real estate development and management in the Emirates.
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