PHOTO
Dubai-based Amirah Developments is fully engaged in the timely delivery of Bonds Avenue Residences on the Dubai Islands.
“We have deployed full force at the site and are fully committed to delivering on time,” Muhammad Yousuf Jafrani, Founder and Chairman of Amirah Developments, told Zawya Projects.
The project is set for completion and handover in the first quarter of 2027, he said.
Interview excerpts:
Have there been any changes to your real estate development plans in the UAE and the region due to the regional conflict?
We are focusing more on addressing our weaknesses and bridging gaps, which we were not able to do when things were very busy. In addition, we have deployed full force at the site of our first project, Bonds Avenue Residences, on the Dubai Islands to ensure timely delivery. We are fully committed to delivering on time to our buyers. There is no shortage of labour. We are fully engaged and focusing on construction.
Do you expect off-plan sales to be impacted in the short term?
Due to the current regional tensions, people are taking longer than usual to make decisions about buying. And it’s normal for investors to hold back in uncertain times. But we place our trust in the UAE’s visionary leadership, which is playing an exemplary role in overcoming this crisis, as it has in the past. We are hopeful that the nation will bounce back stronger and better than before.
Are contractors seeking to revise prices due to increased construction material costs, or are they adhering to the contract terms?
We consider contractors an indispensable part of our organisation. The geopolitical tension is causing price inflation due to logistical challenges - a trend that is not uncommon across the globe. We are seeking alternatives to smartly procure materials without cutting corners or compromising the project’s strength and quality. Right now, procurement costs have risen sharply, which has consequently increased our costs. Regardless, we are committed to delivering our project even if we need to lower our profit margin.
How are you working to overcome these challenges?
Certain situations are beyond our control. We eventually have to work in all kinds of markets, even when things don’t work according to our plan.
What is your outlook for the market in 2026?
Housing prices might go higher in the near future, but we believe in continuing to provide affordable housing.
Do you think your sales and profits will be affected if the regional conflict drags on?
Price inflation has hit our profits, but we aren’t as much concerned about that as we are about the conflict. If the situation continues, this will impact our business. The government of the UAE is proactively ensuring the well-being of its people and businesses, so we are confident that the country will return to stability soon and we can continue servicing our clients.
Have you delayed new project launches planned for 2026?
Our operations will continue irrespective of the situation. Every crisis is a challenge that we are willing to work through and overcome.
Have you seen any drop in land prices in the UAE?
Land owners are not willing to sell at lower rates as they consider the conflict a temporary setback that will clear up very soon.
(Reporting by P Deol; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
