Latest news with #SaeedAlQatami
The National
11 hours ago
- Business
- The National
Deyaar's ‘royal palace' at new Dubai tower comes with Dh90m price tag
Deyaar Development's plush 'royal palace' at the top of the newly unveiled residential tower near Sheikh Zayed Road will be priced between Dh80 million and Dh90 million ($21.78 million and $24.5 million) amid higher demand from buyers, its chief executive has said. This week, Dubai-listed Deyaar launched 445-metre high Downtown Residences, a 110-floors skyscraper, which is the biggest project the company has launched so far. 'It's a big space,' Saeed Al Qatami told The National in an interview in Dubai on Wednesday. 'We are talking about close to 15,000 square foot in the sky, with swimming pools and other amenities.' Deyaar plans to begin selling the units to clients next week, with a one-bedroom apartments priced at Dh1.8 million. Penthouses and duplexes will also be up for sale. The company expects to generate Dh2 billion from the sale of housing units, with construction scheduled to begin by the end of the year, Mr Al Qatami said. 'We have seen a very good [initial] interest. People are eager to know more about the project, about the pricing, about the payment plan," he added. 'We also have a strong channel partners network ... and they are keen to sell it to their clients.' Apart from Emiratis and residents, the company is also targeting buyers from Europe, China and markets in Asia and beyond. Deyaar expects to sell about 60 per cent of Downtown Residences' 522 units up for grabs this year. The company will fund the construction of the project through the cash generated from off-plan home sales, Mr Al Qatami said. "We also have over Dh900 million of [bank] facilities unutilised as of now. So, if required, we will tap some of those facilities," he said. "These are bank loans approved for us ... but we have not utilised." The property sector in the UAE has been booming on the back of government initiatives such as residency permits for retired and remote workers as well as sustained economic growth that is driven by non-oil sector diversification. The influx of wealthy people to the Emirates is also supporting the market momentum. Last year, 7,200 millionaires arrived in the UAE, building on an influx of 4,700 in 2023 and 5,200 in 2022, property consultancy Knight Frank said, citing data from Henley & Partners. The total number of US dollar millionaires in the UAE reached 130,500 at the end of December, making the Emirates the world's 14th-largest wealth market. Demand for homes continues to remain strong in Dubai as well as across the Emirates as the population is consistently increasing with a large number of people moving to the Emirates to live and work, Mr Al Qatami said. 'People want to relocate from Singapore, the US, UK, Europe as well as from India and Pakistan and some Arab countries as well,' he said. 'People are coming here for different reasons ... [and] they think it's the right place to live. As long as this happens, the real estate sector will continue to be healthy and you will be able to either lease those units or sell them at good rates.' Prices not expected to fall Property prices will "stabilise at a certain level" this year and will not fall as demand remains strong, Mr Al Qatami said. In a recent report, Fitch predicted Dubai property prices to fall by 15 per cent this year on oversupply in the market. The credit ratings agency expects unit deliveries in this year and next to double compared to 2022 to 2024, 'which could cause a price correction'.
The National
2 days ago
- Business
- The National
Dubai's Deyaar unveils towering residential project with 'royal palace' at the top
Dubai's Deyaar Development has unveiled one of the tallest residential projects in the UAE, rising to more than 110 floors, as the emirate's property market continues to perform strongly amid higher demand from buyers. Downtown Residences, with a height of 445 metres, will be built near Sheikh Zayed Road, Downtown Dubai and Business Bay, the Dubai-listed developer said in a statement on Tuesday. The twin tower project will have 522 homes, including a mix of one to three-bedroom apartments, duplexes, penthouses, and an exclusive 'royal palace' at the summit. The project is set to be completed in the fourth quarter of 2030. 'We are confident that this landmark project will not only set a new standard for luxury living but also create exciting investment opportunities,' said Saeed Al Qatami, chief executive of Deyaar Development. Dubai's property market continues to perform strongly amid government initiatives such as residency permits for retired people and remote workers, as well as the expansion of the 10-year golden visa programme and overall growth in the UAE's economy amid diversification efforts. The emirate recorded real estate deals worth Dh761 billion ($207.21 billion) last year, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to 226,000, data provided by the Dubai Media Office shows. Downtown Residences will have five vertical zones, from the "urban oasis" at podium level to the sky mansion, along with outdoor facilities, vertical gardens and community spaces. The development will have wellness and social hubs, playrooms, multi-function lounges, and social retreats. The tower's sensory oasis will have floating gardens, air yoga zones, AI meditation pods and luxury fitness spaces. The summit society, about 100 storeys up, will feature dining concepts, exclusive lounges and a grand screening room. Downtown Residences will also have a residents club with AI-powered workspaces, private executive pods and networking hubs for business leaders, Deyaar added. Earlier this year, the developer revealed that it plans to launch five new property projects worth Dh8 billion in 2025, with four projects to be built in Dubai. It also aims to hit Dh4 billion in sales this year amid continued demand for property in the UAE. The company, which is majority-owned by Dubai Islamic Bank, also launched a similar number of projects last year and achieved total sales of Dh2.5 billion. Dubai is already home to the world's tallest tower, the 828-metre Burj Khalifa. Last year, Azizi Developments revealed plans for a Dh6 billion tower called Burj Azizi, designed to stand at 725 metres tall.
