Dubai is not a blitzkrieg for property developers, it’s a long and exciting story. That’s how Omniyat’s CEO and founder Mahdi Amjad sees the future of the emirate. Omniyat, as well as many other Dubai’s master developers, participates in shaping the emirate’s future look today, thus already having a clear business plan for the infrastructure and real estate projects development in the city over the next five years.
In particular, Omniyat’s going to invest about USD 1.36 billion (AED 5 billion) in high-end and mid-priced real estate projects in 2017 -2018. This is what the company’s official told the press the day before, promising to reveal the details of a new large-scale hospitality/ residential project in the early 2017. For now, it is known that it will be the largest project on the banks of the newly opened Dubai Canal, situated in the area of Business Bay and facing the Canal in its widest part.
The scheme involves ultra-luxury high-end exclusive residences and serviced apartments managed by one of the world’s famous hospitality brands. 220 meters of the Canal waterfront are also likely to be converted into something like a lounge and recreation zone with usual cafes, retail units and F&B outlets.
This developer’s project will be marketed as an ‘ultra-exclusive’ offer, hinting that it will be mainly targeted at HNWIs as major investors. However, Omniyat’s AED 5 billion business-plan spanning over the next five years encompasses not only luxury developmetns. The pipeline also includes midmarket projects in such Dubai areas as Dubailand and Sheikh Zayed Road area. However, these plans are more in the next 4-5-year horizon, though, Amjad said.
Analysts predict that in 2016 Dubai will see another 10,000 to 15,000 new housing units delivered, but in reality the supply usually turns out to be much lesser than expected. Surely, the correlation between a large number of supplied property units and the demand unchanged affect the price changes in the downward direction, however, developers too consider this, when building not only housing units, but also their plans for future. Therefore, it is rather hard to predict, how exactly master developer’s swelling portfolios will reflect at the overall property pricing in Dubai.