Dubai's Samana Developers launches $82m cruise ship-styled residential project

Greece-inspired Samana Mykonos Signature building is being positioned as an affordable alternative to staying in hotels

The Samana Mykonos Signature project is located in Dubai's Arjan district. Photo: Samana

Dubai's Samana Developers has launched a Greece-inspired and cruise ship-styled residential project that is aimed at serving the growing mid-luxury property segment in the emirate.

The Dh300 million ($81.7 million) Samana Mykonos Signature project, in Dubai's Arjan district, is being positioned as a cheaper alternative to staying in hotels, the company said on Wednesday.

The 276-unit building is the third project to be announced by Samana this year, out of 12 developments planned for the entire year.

It is expected to be handed over in October 2025 and will also have 24 retail units.

“Today’s buyer is intelligent and has loads of options available to choose from. That is why we bring something new, sustainable, environmentally friendly, yet affordable,” said Imran Farooq, chief executive of Samana Developers.

Dubai's property sector has rebounded from the Covid-19 pandemic, with demand growing amid renewed investor interest.

Luxury home sales in the emirate hit Dh6 billion in the first quarter of 2023 as prime property sales grew amid a wider economic recovery, global consultancy Knight Frank said in a report this month.

Tourism, one of the key pillars of Dubai's economy, has also made a strong recovery and has continued to drive other sectors including hospitality and retail.

The emirate could exceed the pre-pandemic annual number of international visitors this year following a growing influx of tourists, Emirates NBD said in a report last week.

Dubai hosted 3.1 million visitors in the first two months of 2023, the latest data from Dubai’s Department of Economy and Tourism showed.

Samana has also introduced a new income-generating initiative for homebuyers, in which they can convert their apartments into holiday homes and sublease them.

Returns on investment range between 8 per cent and 13 per cent, with a potential additional 8 per cent annually from Samana, it said.