Majid Developments, a premier real estate development company, has forayed into Dubai’s real estate market and will invest Dh500 million in five new projects by 2025 to cash in on the rising demand for new units, its chief executive said.
The developer launched its first project Mayfair Gardens in Jumeirah Garden City and plans to launch another two projects in the same locality before moving on to another two fast-growing communities of Jumeirah Village Circle and Arjan.
“There is a strong growth demand for property because many investors from India, Pakistan, Afghanistan, Turkey and Europe want to have an apartment in Dubai. Whatever supply is there, there is a shortfall due to high demand. Therefore, as a developer, we are investing in Dubai. We want to launch at least 20 next projects in Dubai and then move to the other emirates,” said Mansoor Majid, CEO of Majid Developments.
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“We have sold out 40 per cent of projects before the launch. Mayfair is scheduled to be completed by June 2026. We plan to open Mayfair 2 and Mayfair 3 in the same area and then move to JVC and Arjan,” he said, adding that demand in Dubai is everywhere, such as areas like Dubai South, Dubai-Al Ain Road and others. Units in Mayfair will be available in 1-bedroom and studio apartments with prices starting at Dh875,000.
Majid Developments, which has a presence in Afghanistan and Turkey, will fully fund the project from internal resources.
“Dubai’s real estate market has been growing rapidly over the last three years, and we felt it was time for us to establish a strong base in this market, which is expected to continue its growth trajectory for many years to come. We intend to build multiple new projects, the first of which is Mayfair Gardens, using our current land bank and acquire more plots in Dubai’s most sought-after neighbourhoods,” said Mustafa Majid, chief operating officer at Majid Developments.