Deyaar Development, is targeting Kenyan buyers for prestigious residential projects in the UAE as the Gulf country strengthens its reputation as a ‘safe’ destination for investors who want a strong return over the long term. Deyaar is a semi-Government company listed on the Dubai Financial Market. Dubai Islamic Bank owns 41% of Deyaar’s shares.
Deyaar is visiting Kenya as part of a roadshow that is taking the company to key overseas investor markets, including China and India. Deyaar believes Kenya’s strategic location, stable macro-economic environment, and steadily growing affluent class make the country an ideal investment target. As well as that, Kenyans are seeking long-term investment opportunities, and Dubai real estate is considered a safe asset class with a strong return on investment.
Many wealthy Kenyans have properties abroad, and Dubai is second only to London as their top global real estate location. The UAE’s tax-free status, as well as the stable political environment and well-diversified economy, make it a leading overseas investment destination. At 8,500, Kenya has the fourth highest number of dollar-millionaires in Africa, with that number expected to rise sharply over the next decade. Meanwhile, the Kenyan economy is expected to continue growing steadily at about 5% annually.
Over the past 16 years, Deyaar has developed 7 million sq/ft of real estate in the country, with 7 million sq/ft more under development. The developer’s projects are sited in some of Dubai’s fastest-growing, most sought-after urban corridors.
Kenyans have a chance to invest in some of Deyaar’s most prestigious properties in Dubai. The Atria is a 32-storey residential tower and a luxury serviced apartment tower in Business Bay – an exciting social and commercial hub with views of the Dubai Water Canal. The Atria’s interiors are designed by YOO Studio, an international design house. Mont Rose, comprising two residential towers and a hotel-apartment tower in Dubai’s Al Barsha South, will be part of the project showcase in Kenya. So, too, will Midtown, a new integrated urban community in Dubai Production City where Deyaar has already launched two phases of the development, with two more planned.
In all, Deyaar has built more than 4,700 residential and commercial units in the UAE, with over 4,200 more under construction. The developer is on a growth path, scaling in step with the UAE whose economy is strong and society is cohesive. In reaching out to the world’s investor community, Deyaar believes it offers a product unmatched in the market and located in one of the most stable, safe and prosperous nations on the planet.
