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The sector’s growth is spearheaded by the increasing influx of HNWIs into the nation, says the property developer
October 01, 2024 | Staff Reporter | UAE | Developers
UAE’s real estate market, which is predicted to reach a value of AED2.5 trillion ($680 billion) by 2024 end, continues to garner strong demand from investors from all over the world. The growing surge is due to various factors with the off-plan market being the major contributor and responsible for 65% of overall sales transactions for the month of August 2024, a 54% volume increase from what was recorded during the same period last year, said QUBE Development, a renowned international real estate developer.
This sector’s growth is spearheaded by the increasing influx of high-net-worth individuals (HNWIs), who have entered the market looking for strong investment opportunities with a focus on the luxury property sector, primarily in the off-plan market where a high number of ultra-luxury projects and megaprojects are currently under way.
Global Interest
The global interest has been recognised by QUBE, who have recently launched their first residential project Cubix Residences located in Jumeirah Village Circle (JVC) and providing a focus on durability, reliability, sustainability, and exceptional quality to the family-oriented community in the area.
This is just the first of many projects to follow as the company has announced its plans to invest an additional AED2.6 billion worth of inventory into the Dubai market by the end of 2025 to continue expanding its portfolio in this prime market.
Construction Director of QUBE Development, Ramy Abdel Kader, commented: “Cubix Residences is progressing on schedule, with construction now reaching 25%. The surging demand for premium real estate in Dubai reinforces our commitment to deliver efficiently and to the highest standards. At QUBE Development, we provide sustainable, high-quality developments that cater to the evolving needs of urban living. As we move forward, we look forward to unveiling more innovative projects that will continue shaping Dubai’s real estate landscape."
With a commitment to sustainable design and community engagement, QUBE Development’s ambition is to make a positive and lasting impact by enhancing the quality of life for all residents through its future developments. By contributing to the well-being of the community and encouraging a healthier, happier tomorrow for everyone, the company looks forward to continuing its efforts in building communities and fostering a strong sense of connection among UAE residents.
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