50-storey residential tower to rise on Dubai’s Sheikh Zayed Road soon – ZAWYA

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UAE-based Aqua Properties will launch two projects worth Dh3 billion in the next six months, responding to a high demand for off-plan units in the country, especially Dubai.

“Currently overseeing three ongoing projects with two more in the pipeline, including upscale apartments and strategically located mixed-use developments, Aqua Properties stands at the forefront of innovative real estate solutions,” said Ali Tumbi, founder of the company.

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Among the upcoming projects are a 50-storey-plus tower on the Sheikh Zayed Road and another that will be built on a sprawling 300,000sqft site, marking the largest land parcel in the emirate’s Arjan area.

Tumbi said the company aims to deliver more than 500 residential and commercial units in the first quarter of 2024.

Dubai’s distinctive market dynamics, influenced by cash transactions, continue to position it as a preferred destination for real estate investments, Tumbi said.

According to recent data from the Dubai Land Department, Dubai recorded 116,116 new property transactions worth approximately Dh430 billion, or $117 billion, in the first nine months of 2023. The real estate sector registered significant growth, with transactions surging by 33.8 per cent annually and values rising by over 36.7 per cent during the period.

“This significant development sends a powerful message to international investors who are eager to safeguard their wealth by investing in real estate, which is increasingly recognized as the new global currency,” he said.

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