Dubai: Influx of new developers continue; Portugal's Swank invests Dh300 million in Meydan project

Foreign property developers continue to join realty market in the emirate to cash on strong returns

Waheed Abbas

Published: Sun 4 Feb 2024, 2:09 PM

Last updated: Sun 4 Feb 2024, 3:23 PM

Portgual's Swank Development has entered the UAE and will invest more than Dh300 million in a new luxury residential project in Dubai's Meydan area.

The Portuguese company is targeting ultra-luxury villas in Mohammed bin Rashid City in Meydan and is also in talks with master developers to develop more projects in the city.

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"Our projects will pave the way for a greener and sustainable future. We are not here to fill houses but to create homes that resonate with the needs of the residents," said Prasenjit Ghosh, General Manager of Swank Development. He added that more details of the Meydan project, which will be completed in the first quarter of 2026, will be shared soon.

Foreign developers continue to join Dubai's property market to cash on strong returns. India's Skyline Builders, Switzerland-based DHG Properties, and European developer R.evolution have entered Dubai's maturing property market.

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Ghosh said they chose Dubai to launch operations due to its thriving economy, advanced infrastructure, and safety and security, distinguishing it from other regional cities.

Prasenjit Ghosh

"It is the government's ease of regulations and taxation and lifestyle that is attracting developers from Europe. Dubai has always shone because of lifestyle, safety and security infrastructure," he said.

Portugal's company is in talks with master developers in Dubai to secure more land. "The idea is not to come and make 1 or 2 developments and disappear; we have the vision to grow because Dubai, for us, is an amazing opportunity. It brings more people from around the world because of the luxury and services the market," said Ghosh.

For Swank, the unique selling point is its internal design, as it wants to bring a bit more openness in space and the utilisation of living spaces.

Moustafa Elsaid, head of sales of Swank Development, said Dubai's continuous growth as one of the happiest and safest cities in the world and its ability to attract investors from around the world pushes them to develop urban spaces that reflect the essence of personalised luxury.

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