Reportage Properties, a prominent international real estate company valued at over $7 billion and operating in more than 14 countries, has partnered with SSS Developers, one of Kenya’s leading luxury real estate firms, to unveil an exciting new project called Verdana in Dubai.
The launch was attended by various individuals and corporate representatives who were interested in investing on the affordable luxury housing options specifically tailored for Kenyans seeking investment opportunities abroad.
SSS Sales Director Erskine Jumba shared his insights on the growing demand for executive housing in Dubai, stating,
“The need for high-quality residential options is on the rise, prompting us to develop this project. Verdana will cater to the increasing interest from Kenyan investors looking for attractive real estate opportunities in other thriving markets.”
The project aims to tap into various funding sources, encouraging pension funds, high-net-worth individuals, investment groups (often referred to as ‘chamas’), and religious organizations in Kenya to participate.
Jumba emphasized that investors can expect substantial returns on their investments, given the buoyant market conditions in Dubai.
In addition to the Verdana project, SSS Developers has been making significant strides in the Kenyan real estate sector.
The company is set to launch three additional projects in Kenya over the next year, with total investments exceeding $100 million.
These new initiatives are expected to have a pronounced positive impact on the Kenyan economy, creating approximately 500 direct jobs and an estimated 2,000 jobs through the broader value chain.
Kingmax Mbarire, the Marketing Director at SSS Developers, stated, “We are committed to providing Kenyans with high-quality investment opportunities that promise excellent returns. The Verdana project is a prime example of our mission to enhance the luxury housing landscape both in Kenya and abroad.”
He encourages all Kenyans to take advantage of the unique opportunity to invest in a property that not only offers prestige but also significant financial benefits.
Resilience of Dubai’s Property Market
As of May 2024, Dubai’s real estate market has seen a strong rebound from the pandemic-induced slowdown, with prices increasing significantly over the past three years.
In April 2024, average property prices rose across all segments, with apartments increasing 13.7%, villas increasing 25.8%, commercial properties increasing 39.9%, and plots increasing 27.6%. In May 2024, the apartment sector led the surge with 13,895 units sold, a 56.8% increase from the previous year.
The launch of Verdana not only highlights the potential for growth in the real estate sector but also promises to foster stronger economic ties between Kenya and the UAE.
