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Samana unveiled a new $45 million project as the developer capitalizes on the recovery in the Dubai real estate market.

Samana unveiled a new $45 million project as the developer capitalizes on the recovery in the Dubai real estate market.

Samana Waves in Jumeirah Village Circle will have over 200 apartments when it is completed in 2025.

Samana Developers has launched a new AED 165 million residential project in Dubai, hoping to capitalize on the emirate's real estate recovery.

The developer has unveiled the Samana Waves project at Jumeirah Village Circle, which will have a resort theme with water features, green areas, and event space.

The project is the most recent to be announced by Samana Developers, who announced three new projects totaling AED405 million last year, including Samana Golf Avenue-II and Samana Park Views.

"Market indicators are pointing to a rising bullish trend, which is expected to witness a growth of up to 7.9 percent during the rest of 2022," said Imran Farooq, CEO of Samana Developers.

And, as a result of a successful vaccination program, the opening of international borders, low interest rates, UAE government measures, and investors/end-users seeking to upsize homes amid a need for more space since the COVID-19 pandemic began, Dubai real estate experienced an astounding 2.1 percent price growth in the second half of 2021, returning to a trend seen before the historic financial crash in 2008."

According to the Dubai Land Department, over 51,452 rental contracts were signed in the Dubai market in January.

"At our new Samana Waves project, we have created a luxury environment that is close to everything that residents require," Farooq added.

Samana Waves, which will have 213 apartments, will have amenities such as a children's swimming pool, a leisure pool deck, a health club, a children's play area, a water feature, a jacuzzi, a steam room, and valet parking.

Apartments start at AED 449,000, and Samana Waves is set to open in the first quarter of 2025.

Source: Arabian Business

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