Dubai's off-plan market remains highly promising
The outlook for the UAE's real estate sector, especially Dubai's off-plan market, remains highly promising, Omar Derbas, Executive Director, Development and Engineering at Palma Development, told Zawya Projects.
The sustained demand for luxury waterfront properties, combined with limited supply in prime locations such as Palm Jumeirah, continues to drive capital appreciation, he said.
'In Serenia Living, we have already witnessed a significant increase in value since launch, with some units appreciating by over 50 percent, which indicates investor confidence and market momentum,' Derbas said.
Off-plan properties have been a significant contributor to Dubai real estate sector's growth with 24,920 transactions in the first quarter of 2025, up from 20,006 during the same period last year, an analysis by Springfield Properties stated.
In 2025, Palma Development expects the off-plan segment to remain strong, supported by ongoing population growth, residency incentives, and increasing international investment.
Dubai's position as a global hub for luxury living ensures that premium developments offering architectural distinction and lifestyle value will remain highly attractive to end-users and investors alike, Derbas said.
When asked about expansion beyond Dubai, he said that Dubai remains the cornerstone of the company's development strategy, given its global appeal and strong regulatory framework.
While the immediate focus remains on the timely completion of Serenia Living, the developer has launched the AED 5 billion Serenia District, a residential development in Dubai's Jumeirah Islands.
The first phase of Serenia District includes West Residence, a 46-storey tower comprising 419 units. The tower reflects a Japanese Ireko-inspired design by Nikken Sekkei.
'Additional project details and phases will be announced in due course as we continue to expand our development pipeline for 2025 and beyond,' Derbas stated.
As with many large-scale developments globally, Palma Development also experienced fluctuations in commodity prices, particularly since 2024 and ongoing in 2025, since inflationary pressures are affecting the cost of materials such as aluminium, steel, concrete, and imported finishes.
However, the developer claimed its procurement strategy has been to plan ahead and secure pricing through long-term agreements wherever possible.
'While there has been some upward pressure on costs, it has been well managed within our overall budget parameters. Cost increases have not impacted our commitment to excellence,' Derbas said.
(Reporting by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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