Dubai: More residential projects from top European developers to rise in the city amidst booming real estate market

Seeing European investors' interest in Dubai, property developers from major countries in the continent are now making a beeline to enter the emirate's highly profitable real estate market.

Investors from the UK, Italy, Turkey and France have been snapping up attractive deals in the Dubai property market post-pandemic, surpassing South Asian and Gulf investors.

The new entrants to the booming local market are Swiss company DHG Properties and European developer R.evolution to make the most of strong sales of off-plan property sales, which are set to surpass Dh300 billion this year.

Dubai's real estate market witnessed a 10-year high, with Dh30.41 billion worth of transactions recorded in June 2023. Around 10,419 transactions were issued during the month, showcasing a 17.78 per cent increase in volume compared to 8,846 in June 2022. With first-half 2023 sales crossing Dh170 billion, it is expected that total sales will hit Dh300 billion this year.

Many property projects launched in the last two years have been quickly snapped by investors, especially from Russia, China, Europe and other countries.

Global real estate consultancy Knight Frank said Dubai has a strong appetite for its "affordability and investment returns."

Many developers and real estate consultants claim that local property offers high single-digit returns compared to less than half of that offered by other major cities.

R.evolution, which has projects in Latvia, Germany, and Spain, across residential, hotel, office, and infrastructure projects, has launched its first residential project Eywa on Dubai Water Canal, Business Bay, featuring 48 waterfront residences.

"We are thrilled to launch Eywa in Dubai and meet the growing needs of consumers for homes that provide a holistic experience... It will introduce a new way of living to the city, demonstrating our ability to create a life of exclusivity for our clients," said Qasim Mansoor, chief development and operations officer, R.evolution.

Inspired by the sacred Banyan tree and the Southern Sky Column, the famous quartz sandstone mountain in Zhangjiajie National Forest Park, China, Eywa's architecture is strikingly distinctive. Scheduled to be completed by 2026, the residences will have a library, private waterfalls and hammocks.

"We take an active approach to reducing carbon footprint, minimise waste and use sustainable practices. We use ancient knowledge about human nature and the latest achievements of the modern world. Our priorities are well-being, health, energy efficiency, sustainability, and unity with nature as well as community. We are absolutely certain that Dubai will never settle for anything less than first place," said Alex Zagrebelny, chairman and CEO, R.evolution.

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