Dubai realty gets new boost with the launch of Dhs70 million project

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Picture used for illustrative purpose only.

Sajjad Ahmad, Deputy Business Editor

Dubai’s property market has witnessed a strong growth in the last three quarters of 2022. New developers are entering the emirate’s real estate sector, which will accelerate the growth of the sector in coming months. Abou Eid Real Estate Development, the leading private developer headquartered in Dubai, launched their Dhs70 million first residential project, Celia Residence, in Dubai Studio City, in cooperation with Emtelak Real Estate, the integrated real estate services provider in the United Arab Emirates.

The launch came during a ceremony held at the “Habtoor Palace Dubai” last Thursday, attended by a large number of the company’s management team, their main partners, investors and customers looking forward to purchasing units in the company’s first real estate project.Hussein Abou Eid, Chairman of Abou Eid Real Estate Development said during the launching ceremony, “The launch of Celia Residence in Dubai Studio City, one of the most vibrant and modern areas in the emirate, is in line with this achievement and the noticeably increasing demand for  real estate in this promising area.”  He added that Dubai Studio City, which extends over more than 22 million square feet, is an important strategic location in the middle of the main areas in the Emirate of Dubai and is easily accessible from all parts of the city. It provides advanced facilities for commercial offices, especially for broadcasting and radio companies, as well as film production companies, TV, music, and other entertainment sectors.He pointed out that the project will be delivered within two years, specifically in October of 2024, while it will be very popular because it combines high quality and reasonable prices.

Hussein Abou Eid pointed out that the company aims to invest one billion dirhams during the next five years, according to the long-term investment plan, distributed over a number of residential and commercial projects in several areas in the emirate. These projects offer  real opportunity for those who wish to invest or looking to own a home to settle in the most advanced and prosperous Arab cities.Celia Residence project consists of 111 residential units, including  studio, one-bedroom , and two-bedroom apartments, offering the lowest priced studios that start  from only Dhs380,000  for the first time ever in Dubai, with a high investment return  expected of up to 10%.

Celia Residence offers a highly flexible 5-year payment plan directly from the developer, making the project a realistic and attractive opportunity for end users and investors alike. He added that Dubai Studio City, which extends over more than 22 million square feet, is an important strategic location in the middle of the main areas in the Emirate of Dubai and is easily accessible from all parts of the city.

He said that his company, which was established in 1989 in Lebanon, works in the field of real estate development and implemented thousands of real estate projects and introduced the small villa system in 2009, setting a real estate precedent for the region. They have projects in Lebanon and Turkey, the United Arab Emirates, Morocco and Portugal.  He explained that the company established their headquarters in Dubai in 2014, while recently moved their main office to Dubai.

The Chairman confirmed that real estate investment in Dubai is the safest and most profitable, but there are a set of tips that must be adhered to  in order to achieve successful investments and good returns, i, e, evaluating the investment deal and checking the  future returns, and studying the real estate market conditions in terms of prices.

There is also supply and demand, that is to know well the area in which you want to buy a property, and choose the type of property according to the investment plan. Budget and goal of investment is also important, with operating costs and expenses. It is advisable to seek experts assistance .

“A careful reading of the real estate scene in Dubai leads us to the fact that the market is witnessing a renewed wave of investment momentum and strong sales, which have reached an unprecedented levels of more than Dhs210bn since the beginning of 2022,” Hussein said.” This means increased confidence in the Dubai real estate market and its developed real estate environment,” he added.  That is added to an encouraging legislative system to regulate the real estate market.

 It is expected that the real estate market in Dubai will gain more momentum during the next year, and it will embark on a new rising wave of sustainable growth thanks to the increasing demand for certain categories.

The chairman believed that Dubai’s strategic location contributed to raising its shares among many foreigners who chose to live there, as most areas can be reached in a short travel time of not more than 4-5 hours, in addition to the unprecedented facilities in terms of granting golden residency, which are also granted in exchange for owning a property.

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