Aqua Properties to invest Dh3 billion in new projects, deliver 500 units in Q1
The UAE-based Aqua Properties will launch two projects in the next six months with a combined valuation of Dh3 billion as new launches have increased substantially due to high demand for off-plan units in the country, especially 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, Aqua Properties.
Among the upcoming projects are a 50-storey-plus tower on Sheikh Zayed Road and a sprawling 300,000sqft plot, marking the largest land parcel in the Arjan area.
Tumbi said the company aims to deliver more than 500 residential and commercial units in the first quarter of 2024.
Reflecting on the UAE realty market, Tumbi said Dubai’s distinctive market dynamics, influenced by cash transactions, continue to position it as a preferred destination for real estate investments, he added.
According to recent data from the Dubai Land Department, Dubai recorded 116,116 new property transactions worth approximately Dh430 billion, or $117 billion, in the first nine months of 2023. The real estate sector registered significant growth, with transactions surging by 33.8 per cent annually and values rising by over 36.7 per cent during the period.
“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.
