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

Buyers from UK, Italy, Turkey and France have been snapping up attractive deals in the post-pandemic period

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.

Swiss developer DHG Properties has also forayed into the UAE with its inaugural project – Helvetia Residences – coming up in Jumeirah Village Circle.

"We are extremely excited to enter the UAE market, which continues to be a key destination for people from all over the world for several reasons, including providing expats with a great balance of an enjoyable lifestyle and strong business opportunities. Through our first development here, we will look to provide the same excellence that we have been providing across Europe for over 30 years and be a part of this prosperous city that continues to amaze us, especially throughout recent years," said Blagoje Antić, Founder and Director of DHG Properties.

"JVC is becoming increasingly popular for UAE residents who work around the area, and as such is a great choice to start our journey in the UAE. Through its beautifully designed residential community, immediate access to highways, and affordable pricing, it provides a vibrant living experience for all ages and is definitely one of the up-and-coming areas in Dubai," said Antić.

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