Binghatti Properties targets AED100 billion portfolio expansion in 18 months
Set to unveil 12,000 new units in 3 months
Binghatti Properties, a leading developer in Dubai, has announced plans to nearly double its project portfolio from AED 40 billion to AED100 billion within the next 18 months. This expansion follows strong market performance in the year’s first half and the anticipation of cash flows exceeding AED3.67 billion from soon-to-be-completed projects.
The company plans to launch 12,000 new units within three months, fuelled by robust cash inflows from recent project completions.
Muhammad Binghatti, Chairman of Binghatti Properties highlighted the ongoing partnership with global brands such as Bugatti and Mercedes-Benz, alongside luxury jeweller Jacob & Co., as catalysts for their growth strategy.
Binghatti emphasised Dubai’s unique position as a prime global real estate investment destination. He noted that Dubai’s average price per square foot remains competitive at approximately $352, significantly lower than London’s $868 and Los Angeles’ $663.
“Dubai not only offers attractive property prices but also exceptional services and facilities that enhance the quality of living,” he stated.
Land bank
Expanding beyond Dubai, the company has opened an office in Riyadh, marking its entry into the Saudi Arabian market. Binghatti has affirmed a commitment to timely project delivery and maintaining high-quality standards, which have earned the company recognition as one of the fastest developers in Dubai.
Recent land acquisitions in critical areas in Dubai City, such as Palm Jumeirah, Business Bay, and Al Jaddaf, further boost the company’s growth. Binghatti’s land bank is strategically positioned to meet anticipated demand for the next two and a half years.
Binghatti also addressed the varied market offerings, stating that options are available for every budget. “In Dubai, you can rent a studio for AED45,000 in Jumeirah Village Circle or AED65,000 in Business Bay,” he explained while highlighting the city’s diverse real estate landscape.
Binghatti further underlined the value proposition of investing in Dubai, where AED3.67 million can secure about 1,000 square feet in prime locations, compared to just 172 square feet in Monte Carlo. With rental yields ranging from 7% to 10%, significantly higher than London’s 3%, Dubai remains an attractive option for investors.
Binghatti also discussed the company’s commitment to Emiratisation, aiming to nurture local talent and incorporate them into the workforce. “We aspire to be a leading incubator for UAE talent, offering opportunities and fostering growth in the real estate sector,” he said.
Featured image: Binghatti Properties has luxury real estate partnerships in Dubai City with Bugatti, Mercedes-Benz, and Jacob & Co. Credit: Binghatti Properties
Last Updated on 3 months by News Desk 2
