Monday 22 July 2024

Qube Development plans $680m property portfolio in Dubai

DUBAI, 27 days ago

Qube Development, a renowned international real estate developer with 30 years of experience, has entered the thriving UAE market with a plan to introduce AED2.6 billion ($680.6 million) worth of inventory into the market by the end of 2025.

The developer is committed to set new benchmarks in sustainable and high-quality developments, covering a total GFA of 2,291,946 sq ft in Dubai, it said.

With a strong focus on durability, reliability, sustainability, and exceptional quality, Qube Development honours its commitment by leveraging collaborations with world-renowned architects for all their projects. In partnership with its local contractor, Qube Development ensures meticulous attention to design and construction, a statement said.

Acting swiftly in the market, Qube Development has already acquired a substantial portfolio of land in Dubai, currently totaling 623,354 sq ft, while continuing to expand its holdings throughout the UAE. This enables swift adaptation to market demands and addresses the evolving needs of customers, it said.

“Building on the global legacy and expertise of its parent company, Qube Development leverages this extensive experience and solid reputation. The company is well-equipped to consistently deliver exceptional properties that meet the highest standards of excellence and reinforce standards in the UAE real estate sector,” it said.

Egor Molchanov, CEO of Qube Development, commented: "At Qube, we are thrilled to begin our journey in the UAE, leveraging our proven track record with local talent. We are committed to the excellence of the UAE’s real estate market and look forward to contributing to its prosperity with numerous upcoming projects across Dubai and the UAE.”

In 2024, the registered sales transactions in Dubai in the first quarter alone reached 35,310, the highest total ever achieved in one quarter of the year and a 20.5% increase from 2023. With off-plan properties transactions being the major contributor to this growth, rising by 23.9% over this period, according to global leading real estate services company, Coldwell Banker Richard Ellis (CBRE).

This figure is expected to grow over the course of 2024, demonstrating the city's stability and popularity as a top global destination. This trend highlights the continuously growing interest of global investors in the UAE market, as well as the increasing desire of residents and expatriates to invest in residential or commercial properties, the statement added.  –TradeArabia News Service



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