The UAE-based company Aqua Properties is launching two Dh3 billion projects within the next six months in response to the strong demand for off-plan apartments throughout the nation, particularly in Dubai.
“Currently overseeing three ongoing projects with two more in the pipeline, including upscale apartments and strategically located mixed-use developments, Aqua Properties stands at the forefront of innovative real estate solutions,” said Ali Tumbi, founder of the company.
Two of the upcoming projects are a tower on Sheikh Zayed Road that is more than fifty stories tall and another that will be constructed on a 300,000-square-foot plot of land, which is the largest land parcel in the Arjan area of the emirate.
In the first quarter of 2024, the company hopes to deliver more than 500 residential and commercial units, according to Tumbi.
According to Tumbi, Dubai’s unique market dynamics—which are shaped by cash transactions—keep it a top choice for real estate investments.
In the first nine months of 2023, Dubai recorded 116,116 new property transactions valued at around Dh430 billion, or $117 billion, according to recent data from the Dubai Land Department. The real estate market expanded significantly during that time, with values increasing by more than 36.7% and transactions increasing by 33.8% yearly.
“This significant development sends a powerful message to international investors who are eager to safeguard their wealth by investing in real estate, which is increasingly recognized as the new global currency,” he said.