Dubai’s property market is gaining a new player in the form of Sankari Properties, which intends to construct a $1 billion development in the Business Bay area.
With rising investor interest in the ultra-luxury property sector, the twin residential towers will offer three, four, and five-bedroom units $10 million.
Chairman of Sankari Properties, Mohammed Sankari, said unit sizes would begin at around 600 square metres, with each occupying an entire floor to ensure maximum privacy and security.
The development is set to be completed by Q4 2027, with 57 units initially being offered and a soon-to-be-announced launch schedule.
Sankari Properties was founded this year on the 40th anniversary of Paris Group, the flagship unit of the UAE-based holding company, Sankari Investment Group, which was established in 1983 by Mohammed’s father Abdulkader Sankari.
With more than 300 stores globally, Paris Group focuses on the high-end fashion and retail sectors. Sankari Properties also has more property projects in the pipeline, including one on The Palm Jumeirah.
Dubai’s property market has been flourishing this year due to strong investor demand on the back of economic momentum and government initiatives, such as residency permits for retired and remote workers, and the expansion of the 10-year golden visa programme.
The Dubai Land Department stated that the emirate recorded 116,116 new property transactions in the first nine months of 2023, up 33.8% YoY, with the value of the deals increasing by 36.7% during the same period to about Dh429.6 billion.
Dubai’s luxury residential market is projected to record the highest growth rate for any prime market globally at 13.5% in 2023, driven by a demand-supply imbalance and positive economic growth, consultancy Knight Frank previously said.
With areas such as The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island featuring high-priced properties, the emirate was ranked as the world’s fourth-most active market in the luxury residential segment as sales of prime properties continue to rise.
South Bay, a waterfront residential community to be constructed along Dubai’s Expo Road.
Sankari told The National News he believed that there would always be demand in Dubai for those seeking “something for extra luxury, something extraordinary in ultra-luxury” in the real estate market.