Developers have found a lucrative opportunity in the tourism and business hub of the Middle East and are taking advantage of it.
A total of three projects have been planned by the developer in Dubai and their total development value will be around AED 20 billion, or $5.4 billion.
On Tuesday, it will kick off the sales of its joint venture with Dubai Holding named Haven, which comprises of a total of 2,400 homes.
This was disclosed on Monday by Faisal Falaknaz, the chief finance and sustainability officer at Aldar, in a call with reporters.
The property market in Dubai has broken the record of home sales in the decade and there has also been an unprecedented increase in the rent.
After staying in a slump for about seven years, the market has recorded a rebound and this is due to an influx of newcomers.
These include bankers relocating from Russia, crypto millionaires as well as wealthy Russians who are looking to shield their assists, while their country is engaged in war.
There has also been a relaxation in visa laws by the government and they are now issuing visas to freelancers and job seekers.
Falaknaz said that they had seen outstanding demand in the past week and added that they were also getting international queries.
The prices of homes in Haven will start at AED 2.5 million and they would be sold in phases, depending on the demand.
Some of the amenities that will be offered include play areas for kids, pools, a central park as well as a community center constructed in the shape of a tree house.
On Monday, Aldar also announced that it had recorded attributable profit of about AED 794.2 million in the third quarter of the year, which marked a 43% increase from last year.
There is also a backlog in development revenue of Aldar of about AED 29.1 billion that will be booked in the next two to three years.
According to Falaknaz, the next project of the company will start in the coming year. The efforts of the company to expand outside of Abu Dhabi also extend to Ras Al Khaimah.
At a distance of 45 minutes from Dubai, the city is considered a haven for high net-worth individuals and Aldar plans on building luxury residences there.
Nikki Beach Global, the international luxury beach club, will brand the homes that will be developed in the city.
Falaknaz said that they were looking forward to growing their alternative real estate allocation. He said that there is a lot of breadth and depth that European markets can offer.
This is applicable in terms of various asset classes, such as storage, credit, student housing and logistics and development sales is also an attractive venture.
Aldar could get exposure to the asset class either through investment in another firm, or via a joint venture.