According to industry experts point out that in the first nine months of 2024, the Dubai real estate market has exceeded Dh544 billion in transaction value, with the number of transactions topping 163,000, a figure that underscores the market's strong performance and potential for sustained growth.Saeed Mohammed Al Qatami, Chief Executive Officer of Deyaar Development, said in an interview that he is confident about the Saeed Mohammed Al Qatami, Chief Executive Officer of Deyaar Development, said in an interview that he is confident about the future performance of the market, especially the prospects for further expansion and development in the outlying areas of Dubai.
Park Five: a new benchmark for modern urban living
The first phase of Park Five consists of two buildings - Elm and Ember - that will offer residents a modern, smart home with a choice of studio, one, two and three bedroom apartments. The project is strategically located near Sheikh Mohammed bin Zayed Road and Al Khail Road, providing easy access to key locations such as Downtown Me'aisem, Dubai Exhibition Center and Al Maktoum International Airport.
On Wednesday, Deyaar launched Park Five, a luxury residential community in Dubai Production City.-- Provided photo
In addition, Park Five focuses on human-centered design concepts to create an urban haven for residents to connect with nature through a health-oriented lifestyle and comprehensive community facilities. The project has introduced an attractive 50/50 payment plan to cater to the needs of diverse buyers and the first phase is expected to be completed by summer 2027.
Deyaar - a model of pioneering and diversity
Since its IPO in 2007, Deyaar has transformed itself from a single real estate developer into a fully integrated enterprise encompassing a wide range of sectors, including real estate development and management, hospitality services and facility management. Of these, the facilities management business has now been rebranded as Ontegr.
Deyaar has launched a number of influential projects in recent years, including Midtown (Dubai Production City), Mar Casa (Dubai Maritime City), Regalia (Business Bay), Tria (Dubai Silicon Valley), Millennium Talia Residences (Al Fujan), and most recently ELEVE (Jebel Ali Downtown) and Rivage (Abu Dhabi).
Regional development and market prospects
Al Qatami believes that areas such as Dubai South, Nad Al Sheba, Jebel Ali and Mohammed bin Rashid City are poised for significant growth in the future. He added that the area will mature as the amount of undeveloped land in Business Bay decreases, while the expansion of the Dubai Silicon Valley Oasis and the neighborhoods along Dubai-Ain Road are also to be expected.
Despite the continued rise in land prices, Deyaar has managed to cope with market pressures with its extensive land bank and strong project portfolio, Al Qatami stressed that the company will continue to maximize the value of its existing assets while strategically evaluating opportunities to expand its land bank to ensure alignment with its long-term growth objectives.
Market opportunities and challenges
Al Qatami noted that the industry faces both opportunities and challenges as more new developers enter the Dubai market. Developers will need to ensure that projects are delivered on time and meet high standards of customer expectations. This environment, he said, will drive the industry towards higher quality and innovation, while testing developers' ability to adapt.
Overall, the Dubai real estate market is entering a dynamic new era. With the emergence of various high-end residential projects and the development of outlying areas, Dubai will further consolidate its position as a global hotspot for real estate investment.
