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Covid-19 vaccine, Expo 2020 to drive recovery in UAE property sector

Dubai - The Covid-19 vaccine drive, and Expo 2020 Dubai, are predicted to be key factors leading to a positive outlook for 2021

The UAE's focus on ensuring that the spread of the Covid-19 pandemic is curbed in a timely manner, will aid in the steady recovery of the UAE's property and tourism sectors, experts have said.

Imran Farooq, CEO of Samana Developers, said: “Dubai has performed well and is capable of fighting a major pandemic. The city has launched a massive Covid-19 vaccine drive to protect the 9.89 million population. Converting the empty hotel apartments into quarantine centres was an innovative idea and helped reduce the spread of the coronavirus."

He also said that Dubai has emerged as one of the fastest cities in the world to get over with the pandemic as 12 per cent of the population has already been given the first dose of the vaccine. "Around 80,000 people get shots in a day, and this is resulting in economic recovery and growth in tourism.”

Samana Developers recently announced that their total revenue increased 65 per cent since Q2 2020.

This is the ninth consecutive month – April to December 2020 - that the developer has reported a growth in revenue generated month-on-month despite roadblocks raised by the pandemic. In addition, the company has increased its headcount by 55 per cent and has doubled the sales revenue target for 2021. The company also has plans to launch three new residential projects in various hotspots in Dubai.

Samana Developers completely sold out its Dh185 million Greens and Hills projects in 2020. The company managed to fast-track the construction by introducing drastic changes in the way construction is done for its 327 units in total. Samana’s new construction management strategy helped complete the construction ahead of schedule.

Earlier in 2020, the superstructure of the Dh110 million Samana Hills residential project was completed ahead of schedule. Located at Arjan Dubailand, the resort-themed Samana Hills spreads over 100,000sqft and houses 205 units, including studios, one and two-bedroom apartments. It is scheduled for handover in Q3 2021, coinciding with the Expo 2020 Dubai mega economic opportunity.

The construction of the Dh75 million Samana Greens has also been completed and fully sold out. The delivery of this project is expected this month as the project is on the final stages of getting the Building Completion Certificate (BCC) from the Dubai Land Department.

The Dh100 million Samana Golf Avenue project at Dubai Studio City has been fast-tracked, and sold out by 85 per cent, and will be ready for handover in Q1 2023.

Samana Developers provides 50 per cent financing to its buyers. Its assets guarantee competitive 24 per cent returns at eight per cent per year over three years. This makes Samana projects attractive propositions for end-users and investors alike. With a payment option of paying 10 per cent on booking followed by 80 months at just one per cent, the projects are tailored towards those looking to move from rented accommodations to owning a house in Dubai.

Samana Developers’ studio apartment start from Dh399,000 and one-bedroom units from Dh599,000. The studio, one and two-bedroom apartments come with various payment options making projects attractive to both end-users and investors.

rohma@khaleejtimes.com