Leading Dubai developer Binghatti Properties is embarking on a portfolio expansion that will almost double the size of its portfolio within the next 18 months to AED 100 billion, compared to the current AED 40 billion. This comes after Binghatti had recently displayed strong performance in the market in the first half of the year.
Muhammad Binghatti, the Chairman of Binghatti Properties, commented recently to the media in Dubai, stating that his company which has recently partnered with global brands including automotive legends Bugatti and Mercedes-Benz, as well as horology and jewelry brand Jacob&Co. is planning to launch 12,000 units within the next three months. This is in tandem with the developer receiving cashflows from projects that will be handed over during the next three months with a value exceeding $ 1 billion (AED 3.67 billion).
Binghatti stated that Dubai is deemed one of the most significant real estate investment destinations all over the world, and its booming market is characterized by continuous growth, and offers investors various investment opportunities. “Dubai’s properties continue to appeal to end-users and investors as the average price per square foot is about $ 352 only, despite the latest hikes, which is equivalent to one third of its counterpart in London at the end of the last year which sat at $ 868. Dubai’s average price per square foot was also equivalent to less than half of its counterpart in Singapore sitting at $ 765, and slightly higher than half of the average price in Los Angeles at $ 663”, Binghatti said.
“It is not only about the attractive prices, Dubai also offers diverse exceptional services & facilities everywhere, like airports, hotels, and restaurants. For example, the check in and airport control procedures are significantly smoother and uncomplicated. There is also consideration for social security and comfort through the availability of female taxi drivers dedicated to families and female passengers. These factors combined enhance the quality of living, invigorate the market, and positively impact real estate prices”, he added.
Binghatti noted that the company recently increased its activity in land expansion with plots purchased in strategic districts of Dubai including Palm Jumeirah, Business Bay and Al Jaddaf. “The land bank owned by the company is aimed to fulfill the expected demand for approximately two and a half years as we continuously seek to enlarge our land portfolio”, Binghatti clarified.
