Samana CEO on off-plan frenzy, Dubai’s boom, and building an empire

Imran Farooq is no stranger to Dubai’s fast-moving real estate game.

As CEO of Samana Developers, he has steered the company into the top tier of the emirate’s fiercely competitive off-plan market — so much so that its recent billboard campaign proudly touts its place as the “7th largest developer” in Dubai, a rare show of confidence in a city where everyone claims to be number one.

Under Farooq’s leadership, Samana has posted extraordinary annual growth of 229 per cent over the past five years, launching projects across residential, retail, office and even hospitality. The company has also expanded internationally, with a headline-grabbing development in the Maldives offering five-star resort villas under a 99-year leasehold.

In this candid interview, Farooq explains why Dubai continues to attract global wealth amid geopolitical instability, why the off-plan market is still red hot, and why demand for Grade A office space is soaring. He also reveals Samana’s next major play — a master-planned community — and why controlling the entire construction supply chain is now essential.

Farooq further lifts the lid on the thinking behind that “7th largest” billboard, the firm’s growing appeal to international investors, and how Samana is preparing for a world where real estate demand in Dubai only continues to rise.

How do you see the state of the Dubai real estate market today? Some earlier reports suggested stabilisation, but recent data from the likes of Property Finder and Bayut show continued strong momentum. What’s your take?

I think things are going great guns: there’s zero doubt about that. Overall, Dubai is becoming more and more popular. Look at what’s happening in the West, particularly the UK. The government there seems to be driving wealthy individuals away with harsh tax policies. As a result, the UK is losing the most millionaires and billionaires, and Dubai is the biggest beneficiary. I believe 63 or 64 per cent of Brits relocating are coming to Dubai, making it the number one destination globally for high-net-worth individuals.

A few years ago, France had similar discussions in its parliament about global taxation. That pushed more people out. And now, with new disturbances in the US, I suspect we’ll see even more capital flow towards Dubai. On top of that, geopolitical instability across the Arab world is also driving people here. It’s not any one sector driving the demand — it’s everything.

The pandemic was a huge catalyst. Dubai responded quickly with the remote work visa, followed by the golden visa. The price threshold for the golden visa has also come down — from Dhs10m to Dhs2m — and you can now qualify with just 20 per cent down on an off-plan property. That’s a huge pull factor.

People often ask if Dubai is only for the rich. I don’t think so. Dubai is attracting people across the board, including the workforce. Even conflicts like the Russia-Ukraine war brought both Ukrainians and Russians here, many felt mistreated in the West and sought refuge. Dubai is now seen as a global safe haven: not just for one nationality or group, but for people from all over the world.

Who are the biggest buyers in the off-plan segment today?

Everyone. We promote Samana projects in more than 55 countries, and we’ve done very well globally. Around 70 per cent of our sales come from about 20 countries. At each launch, the dominant nationality changes — it could be Indians, French, or Emiratis — it really depends on who gets access first.

For example, 85 per cent of our stock typically sells out within 48 hours of launch. That tells you demand is far outpacing supply. So it’s not about who’s buying the most; it’s about who gets there first.

And this is all off-plan?

Yes, entirely. That’s our expertise. From a cash flow point of view, we’re very comfortable. Within a year, we usually collect 40 to 45 per cent of the sale value. That gives us the capital to focus entirely on project delivery.

Are prices continuing to rise then, from what you’re seeing?

Yes. There’s a common belief that enough property is being launched, but I disagree. Population is growing at 12–13 per cent annually, and even if every project is delivered on time, there would still be a shortage. We’d see rental prices coming down if there were enough supply, but that’s not happening.

Rents are still rising across the board. Some landlords may be asking for a 15 per cent hike instead of 30 per cent, but the overall trend is upward. Streets are busy, offices are full, and even basement parking is packed. Our own data and conversations with DEWA confirm demand for electricity and water is up 13 per cent.

We’re also seeing more premium buyers. Transactions worth Dhs200m and above were unheard of before. Now they happen regularly in Emirates Hills, Dubai Hills, Palm Jumeirah. When buyers like that come in, they also demand high-end rental properties, supercars, and more. The economic wheel is spinning fast.

Many residents in Dubai have seen your billboard on the highway saying that Samana is the “7th Largest Developer.” That really stands out. Most companies would say they’re number one. Why highlight number seven?

Good question. The ranking comes from official Land Department data, which is collated in real-time by Property Monitor. Based on the number of units sold, we’re ranked 7th and hold a 4.4 per cent market share, which is huge when you consider how competitive the market is.

The top developers — Emaar, Nakheel, Meraas — are backed by Sheikh Mohammed and hold vast desert land. So we take pride in being independent and still ranked so highly. Out of 1,200–1,300 developers in Dubai, just 13–14 control 91 per cent of the market. That makes our share even more meaningful.

This year, we expect to be 6th, and as of now we’re actually 5th. But we’re comfortable sitting in the 6–7 range. We’re not aiming to be number one: that’s a different playing field.

That growth must have required some serious momentum in terms of your sales?

Absolutely. Over the last five years, we’ve grown at a compound annual rate of 229 per cent. This year, we’re expanding beyond residential. We’ve launched our first commercial office tower — Samana Barari Avenue — and will also launch a hotel and several retail projects. Our mission, announced last October, is to operate across all real estate verticals: offices, hotels, retail, warehouses, labour accommodations: you name it.

Why the shift into office space?

Office space has been the best-performing asset in the past 12 months. Rents have more than doubled. In Bay Square, for instance, our rents have tripled since 2020. No one was building office towers post-2008, so supply dried up. There’s strong demand for Grade A+ office space with resort-style amenities with swimming pools, gyms, retail, cafes and more. Our Barari Avenue project offers all of that.

You’ve also gone international with a project in the Maldives?

Yes. Our first Maldives project is a partnership with Elie Saab. The entire island is managed by Samana: it’s fully self-sustaining, with its own electricity, water, sewage, hospital, mosque, and even fire brigade. 

Buyers can rent their villa for up to $2,000 per night, five-star level, white-labelled, professionally managed. We also offer flexibility: keep it for personal use, rent it out via a hotel pool, or manage it directly. We provide an app where you can switch modes with a click.

Ownership is under a 99-year lease, which is essentially freehold. We currently own three islands. The Maldives government is also in the final stages of introducing a golden visa programme for investments from $500,000 upwards, which will certainly help attract more buyers.

What else should we keep an eye on in the property market right now?

One important thing during this boom is that selling is easy, but building will become harder. So we’ve invested Dhs150m in setting up our own in-house contracting company. This gives us control over quality, consistency, and delivery speed. We’re no longer reliant on third-party contractors and can build to our own standards. It’s part of our strategy to own the entire value chain.

By the end of the year, we’ll also announce our own master community. I can’t reveal the location yet, but it’s part of our diversification strategy — end-to-end development.

Incredible. Thanks for your time, Imran.

My pleasure.