Latest News
HomeHotels & LodgingSamana Developers sets ambitious target of Dh8 billion in 2024
Real estate

Samana Developers sets ambitious target of Dh8 billion in 2024

Samana Barari Views Project
Samana Barari Views Project

Samana will award 18 new construction contracts in 2024.

DUBAI, UNITED ARAB EMIRATES – Amid Dubai’s unprecedented growth in real estate transactions, Samana Developers reflects on a year of extraordinary accomplishments in 2023. The developer has surpassed the target of Dh3.3 billion in sales in 2023. Dubai’s status as a global destination for living, working, and business continues to propel its real estate market to new heights. The economic factors driving the city’s mega growth were evident in the strength of 2022, particularly in villas and A-graded residential apartments. However, 2023 has proven to be nothing short of magical, with increased demand across all property types, including residential apartments, villas, offices, warehouses, and commercial properties.

The luxury segment is embracing a new trend with the launch of an ultra-luxury project in Palm Jebel Ali. The success of Dubai in attracting businesses and the resounding achievements of the Dubai Golden Visa programme have been instrumental in fuelling this exceptional growth.

2024 – Looking Ahead

Looking ahead, Samana Developers predicts that 2024 will again surpass the outstanding achievements of 2023. Projections indicate a substantial 40%-50% growth in the overall market size, with the off-plan sector expected to maintain its dominance in 2023. Global investors are drawn to the convenience of payment plans, coupled with the added advantage of the Golden Visa for off-plan properties.

Building on the success of 2023 and achieving 600% growth and surpassing the Dh3.3 billion sales target, Samana Developers has set an ambitious target of achieving a higher target of Dh8 billion in 2024. This audacious goal is guided by the company’s commitment to completing construction on time, sometimes ahead of time, which enables Samana to deliver projects on time and with affordable luxury price tags.

Award of 18 New Construction Contracts in 2024

In 2023, most of the construction activity remained either on schedule or ahead of it. On average, the company was able to achieve 100% of super-structure completion within 7 to 8 months of
commencement of construction.

Samana Developers can reveal that it will award 18 new construction contracts in 2024. Looking at 2024 plans, Samana will expand its workforce to 80% to achieve 455 new full-time employees. The induction will mostly be in the sales department.

Samana Developers has recently completed the Samana Golf Avenue project, setting a high standard for timely delivery. The company is poised to hand over four more projects in the next 13 months, most of which are ahead of schedule, laying a solid foundation for successful handovers in 2025 and beyond.

In a strategic move outside the UAE, Samana Developers is gearing up to launch a super-luxurious project in 2024, catering to a discerning market that seeks the perfect blend of Sun, Sand, and Sea. This venture will position Samana in the super-premium market segment, with property values ranging from $3 million to $20 million.

Going Global

Furthermore, the company plans to establish offices in China and Europe, expanding its global footprint and bringing its offerings closer to key markets. This strategic move reflects Samana Developers’ commitment to excellence and its dedication to meeting the evolving needs of the international real estate landscape.

Samana Developers’ remarkable 600 per cent growth in 2023 has firmly established the company among the top ten fastest-growing developers in Dubai.

Imran Farooq

Imran Farooq, CEO Samana Developers.

This milestone is accentuated by the successful completion and official handover ceremony of the Dh100 million Samana Golf Avenue project in Dubai Studio City. The resort-style residential endeavour, aligned with Dubai’s 2040 New Urban Masterplan, not only stands as a testament to Samana Developers’ commitment to creating healthy, sustainable communities but also earned the company the prestigious Innovation in Design Award in 2019.

Against the backdrop of Dubai’s unprecedented real estate boom, Samana Developers has set itself apart with a stellar 2023. Pioneering the concept of built-in private pools in residential buildings has been a pivotal achievement. This innovative concept not only secured a spot among the top ten fastest-growing developers but also showcased the company’s dedication to outside-the-box design concepts and luxurious living experiences.Th e launch of 12 projects throughout the year in 2023 underscores Samana’s commitment to meeting market demands and exceeding customer expectations.

Imran Farooq, CEO of Samana Developers, expressed his excitement about the prospects for 2024, saying, “After a record-breaking year in 2023, we are eager to embrace the opportunities that 2024 holds. Our focus on timely delivery and innovation has been the cornerstone of our success. The launch of super-luxurious projects and international offices reflects our dedication to excellence and our commitment to meeting the evolving needs of our discerning clientele.”

As Samana Developers continues to make waves in Dubai’s dynamic real estate landscape, the company remains dedicated to contributing positively to the city’s growth and redefining modern living standards.

Vicky Karantzavelou
Co-Founder & Chief Editor - TravelDailyNews Media Network | Website

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.

She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.