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Real estate developers are finding it difficult to find land in prime areas and prices have tripled in the past one and a half years, according to Samer Ambar, CEO and co-founder of Reef Luxury Developments.
“Land prices have tripled in the past one and a half years, which shows that there is fundamental demand. We are finding it difficult to get land for purchase for realty development across Dubai,” he told Zawya Projects.
The company has acquired a land bank that will bring 5,000 residential units to the emirate, with projects worth around 5 billion UAE dirhams ($1.4 billion) set to launch over the next three months. By December 2025, Reef Luxury Developments plans to unveil 30 projects valued at approximately AED14 billion ($3.8 billion).
“We have ensured that our projects are located in the fast growing communities that will deliver both higher appreciation and rental returns,” he said while declining to reveal the land bank size or acquisition costs.
Recent reports said Dubai’s luxury real estate market has witnessed substantial growth, contributing to rising land prices as demand for upscale developments increases.
Refuting reports that the market is witnessing an oversupply, he said it is “fantastic time for the real estate sector as demand is increasing for properties in prime locations. The residential units are of various types, standard apartments, penthouses and semi-luxury apartments, all at competitive prices.”
All apartments in Reef properties will have temperature-controlled sunken balconies, a developer-patented innovation that allows residents to enjoy year-round outdoor living.
“We have introduced the first-of-its-kind 'Sunken Balcony' technology transitioning the real estate industry globally… Our commitment is to create exceptional properties that not only cater to the needs of today's residents but also anticipate the evolving demands of the future. We are excited to lead the way in shaping vibrant communities that will enrich the quality of life for all," Samer said.
To enhance its capabilities, the developer has invested over AED40 million ($11 million) in research and development to lead the real estate industry for innovation and provide more value to its customers focusing on technology and design.
“We are dedicated to making luxury living accessible. The properties will be designed with modern amenities that cater to contemporary lifestyles, featuring plenty of green spaces, smart technology, energy efficient buildings and community spaces which encourage social interaction,” he concluded.
(Reporting by Bhaskar Raj; Editing by Anoop Menon)
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