Samana Developers has announced the launch of a new project in the city. The ‘California Project’ is worth AED215 million and will be launched in the Al Furjan area, headed by master developer Nakheel.
The Dubai property market is witnessing an upward trend and has topped global markets with a recorded AED11.3 billion in the first half of the year, outpacing Hong Kong and New York.
The California Project is the 6th in line launched by Samana this year, with a target to launch 12 projects by the end of 2023.
The new development is inspired by the California lifestyle which will reflect in the design and amenities of the project. This has attracted high demand from investors with 90 percent already being sold out in a few days since its launch.
Spanning over 2,54,000 square feet, the California Project will offer 178 apartments including 60 studio apartments, 76 one-bedroom apartments and 32 two-bedroom apartments, all featuring private pools. Additionally, the project will also feature 10 two-bedroom duplex apartments.
Amenities available to residents will include a leisure pool deck, swimming pool, gym, kid’s pool, splash pad, sauna and steam room, jacuzzi, a waterfall, jogging track, tennis court, paddle court, cinema and barbecue area.
Samana’s new concepts
Imran Farooq, Chief Executive Officer of the Samana Developers, said: “Samana’s new concepts and the designs inspired by the resorts and islands are picking up well by property buyers, especially from Europe and the UK who account for 50 percent of the investors of Samana Developers.
“In addition, other key contributors that are helping boost Dubai real estate transactions are the 10-year UAE residency, fast recovery from the Covid-19 pandemic, the success of Expo 2020 and UAE winning the hosting rights for the Cop28, United Nations Climate Change Conference.”
“The new investment trend which is also contributing to the high demand of Dubai real estate is the depreciation of the US dollar – 3.3 percent in H1 2023 – which has made it more affordable for buyers from European countries whose currencies have gained value against the dollar,” he added.
Handovers are set to begin by December 2025 with prices starting from AED749,000 in an eight-year payment plan.
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