Dubai property buoyancy puts developers back on launch track

A number of developers in Dubai, named the hottest global property market by Knight Frank, are set to launch new projects in the coming months, Emirates 24|7 can reveal.

One of the major private players ETA Star Property Developers, part of ETA–Ascon Group, will be re-entering Dubai’s buoyant real estate market with a series of new launches across various master communities.

“We have a huge land bank in Dubai and we are looking at launching a number of projects.

“We are working on our launch policy and the project announcements will be made soon,” ETA Star Executive Director Abid Junaid told this website.

“The market is buoyant. It is already in recovery mode and it is a good time to enter market,” he added.

The developer will be launching projects in master communities like Jumeirah Village, Business Bay and Dubai Maritime City.

ETA Star, a major private player, has not launched any new projects since the economic slowdown affected the market.

New villa project

Pacific Ventures, a private developer that has acquired projects under the Dubai Land Department Tayseeer initiative, is planning to launch a villa project “We are planning a new villa project in Dubai. We will announce the project once the plans are finalised,” Parvez Khan, Chairman, Pacific Ventures, told this website.

In August, Emirates 24|7 reported that an “unknown” developer was launching a new residential project in Downtown Dubai.

The 22-storey tower, coming up next to Southridge, will be a residential one with the average selling price at Dh1,550 per square foot.

Deyaar Development’s CEO Saeed Al Qatami has said they plan to launch two new projects in Business Bay master community by year-end.

"We will be announcing two projects there before the end of the year. One project that is completely funded is worth about Dh500 million, while we are finalising the cost on the other,” he said.

Global Property Guide, an organisation that collates real estate data from across the world, has said Dubai house prices increased at the fastest pace in world during the year to Q1 2013, in the list of 42 global cities surveyed by it.

Prices soared by 28.02 per cent, which was in sharp contrast with the 1.01 per cent year-on-year decline seen in the same period last year, it said.

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