Delivery of “Terraces Marassi Drive” with investments of 400 million dirhams

The Chairman of the Board of Directors of the Key Mavens Group of Companies in the Emirates, Munther Al Ali, confirmed that the real estate market in Dubai witnessed remarkable growth during the first months of 2024, as multiple factors contributed to enhancing the emirate’s attractiveness as a global investment destination, including economic stability, stimulating government initiatives, High local and international demand for residential and commercial real estate. Reports indicated a 12% increase in total real estate deals compared to the same period last year.
He pointed out that, in the context of the significant growth of the real estate market in Dubai, Key Mavens Real Estate Development Company recently delivered its “Terraces Marassi Drive” project, which was established with investments exceeding 400 million dirhams.
According to estimates, the volume of real estate investments in Dubai during 2024 will increase by approximately 15% compared to the previous year. This increase came as a result of the increasing demand from foreign investors, especially from Asian and European markets, in addition to the increased interest of local investors in residential and luxury projects.
Al Ali confirmed that the group’s investments amounted to one billion dirhams during the past three years, which reflects the growing confidence in the real estate market in Dubai.
As part of future expansion, Key Mavens is preparing to launch a new project in the Al Jaddaf area with investments amounting to 340 million dirhams, with expectations that this project will be delivered in the fourth quarter of 2027.
Al Ali said: “The real estate market in Dubai has witnessed a continuous recovery, as reports indicate that residential real estate prices witnessed an increase of 8% in 2023. We expect this increase to continue until 2025, when prices are expected to rise by a rate ranging between 5% and 7%.” %, which reflects the increasing demand from local and international investors.
Al Ali added: “Real estate sales also witnessed a noticeable increase over the past year, and are expected to continue the pace of growth until 2025, which indicates continued confidence in the market. Expectations also indicate that Dubai’s gross domestic product will record a growth of 4% in the current year.” “
Munther Al Ali added: “We are witnessing an increase in foreign investments, as foreign direct investments in the real estate sector are expected to increase during the next two years. This reflects the attractiveness of Dubai as a global center for investment.” Based on these data, we are confident that the real estate market in Dubai will remain attractive and prosperous. We look forward to more fruitful opportunities in the future.