Responding to the growing interest from investors in the ultra-luxury property segment, Sankari Properties, a newcomer in Dubai’s real estate sector, will construct a $1B development in the Business Bay area.
The twin residential towers, located in the Marasi Marina area, will offer three, four, and five-bedroom apartments, with prices starting from $10M, according to Mohammed Sankari, the chairman. Unit sizes begin at approximately 600 square meters, each occupying an entire floor for maximum privacy and security.
Scheduled for completion by the fourth quarter of 2027, the development will offer an initial offering of 57 units, and the launch date will be announced soon. Sankari Properties, established this year, is the flagship unit of Sankari Investment Group, founded in 1983 by Mohammed’s father, Abdulkader Sankari.
Despite being a new player, Sankari Properties has more projects in the pipeline, including a development on The Palm Jumeirah. According to The National News, Mohammed Sankari emphasized that this is just the beginning, with surprises to be revealed shortly.
Dubai’s property market has experienced robust growth, recording 116,116 new property transactions in the first nine months of 2023, a 33.8% annual increase. The value of these deals rose by 36.7% to approximately $429.6B.
Positive economic growth and demand-supply imbalances are expected to drive the luxury residential market in Dubai to achieve the highest global growth rate in 2023, reaching 13.5%.
Despite competition from established players like Emaar Properties, Damac Properties, and Omniyat, Sankari Properties is confident in its market entry, stating that competition is healthy.
The company has thoroughly studied the market and engaged with the right professionals, including interior designers and architects, to make a significant impact in the established real estate sector.
