Dubai developer Deyaar plans new projects worth $82m as UAE property market rebounds

Residential units and hotel apartments to be launched in Al Furjan area

Dubai property developer Deyaar plans to launch three new projects worth Dh300 million ($82 million) as it focuses on expanding its real estate portfolio amid higher demand from buyers.

The projects, comprising about 400 residential units and hotel apartments, will be launched in the Al Furjan area of Dubai, the company said on Tuesday in a statement to the Dubai Financial Market, where its shares are traded.

Deyaar’s first project will be Amalia Residences while the remaining two will be announced next year.

The company, however, did not provide a construction timeline for the projects or how it plans to fund them.

“We are pleased to announce the expansion of our growing portfolio of residential and hotel projects in conjunction with the launch of our presence in Al Furjan through three distinct projects,” Saeed Al Qatami, chief executive of Deyaar, said.

“These projects … bring unique housing options to the Al Furjan area.”

The launch comes at a time when the UAE’s property market continues to recover from a pandemic-induced slowdown.

Government initiatives such as residency permits for retirees and remote workers, and the expansion of the 10-year Golden Visa programme have helped, as well as the economic boost from Expo 2020 Dubai and higher oil prices.

The UAE’s economy is forecast to grow by more than 6 per cent this year, after expanding 3.8 per cent in 2021, the International Monetary Fund said.