Business

California residential project launched in Dubai

01 Aug 2023

The mega project in Al Furjan neighbourhood is headed by master developer Nakheel Properties.

Inayat-ur-Rahman, Business Editor

Samana Developers, one of the fastest growing real estate companies in Dubai, has launched a Dhs215 million California residential project. This is the first project in Al Furjan neighbourhood, which is headed by master developer Nakheel Properties.

The demand for Dubai properties is currently highly bullish and positioned the metropolitan city as the world’s top market hitting Dhs11.3 billion ($3.1 billion) in the first half of the year, edging past Hong Kong and New York.

The G+P+10+Roof California is the 6th project launched by Samana Developers in H1 2023. Samana has a target to launch 12 projects by the end of 2023. The new project is inspired by the vibrant lifestyle of the state of California, a lifestyle which reflects in the design, features and amenities of the project. It quickly attracted buyers and the project has been sold out by 90% in a few days.

Imran Farooq, Chief Executive Officer of the Samana Developers, commented: “Samana’s new concepts and the designs inspired by the resorts and islands are picking up well by property buyers, especially from Europe and the UK who account for 50% of the investors of Samana Developers. In addition, other key contributors that are helping boost Dubai real estate transactions are the 10-year UAE residency, fast recovery from the Covid-19 pandemic, the success of Expo 2020 and UAE winning the hosting rights for the Cop28, United Nations Climate Change Conference.”

“The new investment trend which is also contributing to the high demand of Dubai real estate is the depreciation of the US dollar – 3.3% in H1 2023 – which has made it more affordable for buyers from European countries whose currencies have gained value against the dollar.”, Imran said.

The Dhs215 million California spans over 2,54,000 sqft which has 178 apartments. The units include 60 studio apartments with private pools, 76 one-bedroom apartments with private pools, 32 two-bedroom apartments, and 10 two-bedroom duplex apartments.