CEO of new-age Dubai real estate predicts a strong start to 2024.
Praveen Sharma, CEO, and co-founder of Meteora Developers, said: “Dubai is currently seeing a huge surge in demand for off-plan properties that accounts for biggest share of the overall real estate pie in the country. And the main attraction for the majority of young, upwardly mobile investors is the low cost of entry and appealing payment plans. It is one reason why we have seen all our projects sell out within days of their launch this year.”
Meteora Developers launched Vita Grande in the second week of December, post the success of their first two projects, The East Crest and 7 Park Central, both of which were sold out within days of their unveiling earlier in the year.
The two identical towers – worth over a combined Dh204 million and rising 19 floors above District 17 of Jumeirah Village Circle (JVC) – were launched one after the other in Q2 this year and sold out within days, reflecting a sharp demand for the affordable luxury segment in the emirate, according to the developers. Vita Grande is the newest addition to Meteora Developers’ portfolio that consists of luxurious apartments located in the vibrant 860-hectare circle-shaped community located in Dubai’s southeast surrounded by main arteries such as Sheikh Mohammad bin Zayed Road, Al Khail Road and Hessa Street.
“Dubai has for long remained a global number one spot for affordable, luxury real estate. This despite the market recording the highest price jump in luxury homes in the January-to-June quarters,” Sharma added, reiterating the company’s commitment to meeting the market’s demand for quality luxury homes.
The Dubai real estate has experienced sustained demand and price growth for nearly four years in this, the city’s third freehold residential market cycle, according to property specialists Knight Frank.
Prices rose by an average of 5 per cent during Q3 2023, marking the 11th consecutive quarter of price growth. Apartment and villa prices are now up by 19 per cent and 18 per cent, respectively, on this time last year, but the market, crucially, remains some 8.1 per cent down on its 2014.
Vita Grande, like its predecessors, will feature a twin tower design, rising 250 feet above ground over 19 floors. Construction has already commenced, and the project is slated for completion by the end of 2024. The development is strategically located in District 17 of JVC, offering future residents sprawling parks, proximity to the Circle Mall, and a range of luxurious amenities.
Omar Al Amour, co-founder of Meteora Developers, said: “There is no existing reason why we cannot deliver the entire project as promised. This reflects the buoyancy in the market, a strong investor interest in affordable yet quality luxury homes, and our commitment to over-deliver.” The first two properties, East Crest and 7 Park Central, are set to be delivered next year.
Meteora Developers has a unique approach to construction and bookings. “Our construction policy continues with the third tower where we get the project lifted off the ground first and take bookings only after reaching a substantial stage,” Al Amour explained. This approach, he feels, provides investors with a finished product that is cost-effective and cuts down the delivery time.
The Jumeirah Village Circle community, where Vita Grande is situated, is known for its accessibility to various areas of interest in Dubai, making it a prime location for residents.
Meteora Developers, led by Praveen Sharma and his Jordanian partner Omar Al Amour, has carved a niche in creating premium residential developments that offer modern living spaces with high-quality design, reflecting their innovation and excellence in the real estate industry.
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