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Despite rising tender prices, Dubai’s real estate market continues to offer strong growth potential, positioning the emirate as a global hub for innovative, sustainable, and high-quality developments, Ajay Bhatia, Founder and CEO, Sol Properties, told Zawya Projects.
The developer is gearing up to launch six new projects in 2025, with a combined value of 12 billion UAE dirhams ($3.3 billion), he said.
The luxury real estate market saw a 26 percent year-on-year increase in prices last year, with expectations for a further 5-10 percent growth in 2025, largely fuelled by the strength of off-plan market, Bhatia stated.
Interview excerpts:
What market factors compelled you to launch AED 1 billion worth SOL Levante?
The demand for high-quality yet accessible residential developments in Dubai has been steadily increasing, driven by a growing preference for homes that combine affordability with modern amenities, ensuring better living standards.
SOL Levante in Jumeirah Village Triangle (JVT) stands out as an example of comfortable, refined living, offering unmatched wellness features and community-focused amenities that set it apart from other developments in its category.
Strategic government initiatives and policies have further created a supportive environment for projects that prioritise quality and innovation, making this the perfect moment to launch the project in the market.
When did you acquire the land for the project? Are you now seeing an increase in land prices in JVT?
We acquired the land for our project in the third quarter of 2024. Over the past few years, JVT has witnessed a consistent rise in land prices, driven by its strategic location, enhanced infrastructure and increasing demand for mixed-use developments.
One of the key factors driving this trend is JVT’s unique position, offering a seamless blend of urban convenience and suburban tranquillity, making it highly attractive to both investors and end-users. Its proximity to major highways such as Al Khail Road and Sheikh Mohammed Bin Zayed Road has improved accessibility, further elevating its appeal for residential and commercial projects.
As the area continues to develop, we anticipate sustained growth in land values, reinforcing JVT’s status as one of Dubai’s most sought-after communities.
Who is the project’s architect? What is your project’s USP in terms of design?
The project is designed by XBD Collective, which has a global presence across the UAE, Europe, the UK, Africa, and Asia.
The project’s standout feature is its unique U-shaped structure, designed to maximise natural light and blend indoor and outdoor living. Spanning 50,000 sq ft, the project offers wellness and recreational amenities, including an outdoor cinema, padel tennis courts, and a serene sunken garden.
Sustainability is a key focus, with eco-friendly materials, energy-efficient systems, and lush green spaces integrated throughout.
What new ‘green’ materials will you use in this project?
Sustainability is an integral part of our development strategy, and we are committed to integrating eco-friendly and energy-efficient features into our projects. The project will feature solar reflective materials, such as light-coloured pavers and roofing materials with a solar reflective index (SRI) of 78 or higher, which can significantly lower heat absorption and cooling demands.
We have also implemented comprehensive electric vehicle (EV) charging systems across all parking spaces of the development to support sustainable transportation.
The project also implements water-efficient landscaping designs, using condensate water from FAHU systems for irrigation and incorporating native plant species that need minimal water to survive. Furthermore, the project integrates a district cooling system with smart energy meters managed by a building management system to optimise energy efficiency.
The project equally prioritises indoor air quality through low-VOC paints and coatings and non-CFC HVAC systems, ensuring a healthier indoor environment, while minimising environmental impact. These features reinforce our commitment to sustainability.
Have you seen tender prices rise due to the UAE’s booming real estate sector?
Over the past few years, tender prices across the UAE, especially in Dubai, have surged notably, driven by rising demand for residential and commercial developments. For instance, in 2024, the luxury real estate market witnessed a substantial 26 percent year-on-year surge in transaction prices and expects continued growth of 5 to 10 percent during 2025, indicating the sector’s strong momentum.
Furthermore, disruptions in the global supply chain and inflation have significantly contributed to a price surge in construction materials such as steel, cement and aluminium. On the other hand, the rapid expansion of the construction sector has created an unprecedented shortage of skilled workers, further increasing operational costs.
Amid this dynamic market condition, strategic government initiatives have been instrumental in fuelling investor confidence and maintaining market dynamism. These policies help attract international investments and create a supportive ecosystem for real estate development.
Despite the higher tender prices, the market offers vast growth opportunities, positioning Dubai as a global hub for innovative, sustainable and high-quality real estate developments.
What are the biggest challenges you see in the coming years? How are you planning to overcome them?
Dubai’s real estate market is rapidly evolving, bringing opportunities and competition. Rather than viewing this as a challenge, we see it as a catalyst for innovation, higher quality standards, and enhanced customer expectations.
To stand out, we focus on wellness-centric, sustainable developments like SOL Levante, integrating premium amenities and cutting-edge technologies. As regulations shift towards sustainability, we embrace smart building solutions and eco-friendly materials, aligning with the UAE’s vision for responsible development.
Rising construction costs reflect a thriving market, and through strategic procurement and strong supplier partnerships, we optimise costs while maintaining quality. With continuous innovation, strategic collaborations, and a customer-first approach, we are well-positioned for long-term success in Dubai’s dynamic real estate landscape.
How much landbank do you own in Dubai/UAE?
We have a landbank across Dubai, including Palm Jumeirah, Downtown Dubai, Sheikh Zayed Road, Jumeirah Village Circle and Jumeirah Village Triangle. Currently, our landholdings are positioned in high-growth locations, allowing us to develop projects that assure exceptional value.
We are also actively exploring opportunities to expand our portfolio, especially in emerging areas that align with our vision to develop properties that ensure the well-being of residents along with maximum luxury.
How many projects do you plan to launch in 2025? Can you share the value of the proposed investments?
In 2025, we anticipate launching six new projects with an investment value of approximately AED 12 billion. The main goal of our new developments will be to transform residential and commercial spaces through innovative architecture and high-end amenities, further setting new industry benchmarks for luxury property development.
Are there plans to enter other emirates and markets in the Middle East?
We are conducting comprehensive market assessments across various emirates and the broader Middle East region. While Dubai has been our primary market, we seek to identify opportunities in diverse markets that align with our values of sustainability, innovation and quality of life. Any future market entry will be influenced by the outcomes of these initial studies.
What is your outlook on the real estate market in the UAE, particularly Dubai’s off-plan market, for 2025?
The UAE’s real estate market is set for significant growth in 2025, with Dubai’s off-plan segment serving as a key driver of this expansion. Statista projections indicate that the UAE’s residential real estate market could reach around $402 billion by 2025, fuelled by strong investor interest, government initiatives and a growing expatriate population.
Additionally, a Modor Intelligence report expects the market to maintain long-term momentum, with a projected compound annual growth rate exceeding 8 percent from 2025 to 2030, underscoring its resilience and future potential.
(Reporting by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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