Chennai-based builder kicks off maiden Dubai project

Chennai-based developer Casagrand has begun construction of its first UAE project, Casagrand Hermina, at Dubai Islands, making its debuting in the Gulf real estate market, as per a press release. Casagrand plans over 6 mn sq ft of development in the UAE with an AED 420 mn investment in Dubai Islands.

Responding to current market sentiment: The recent US-Iran ceasefire has reinforced investor confidence in Dubai, rather than triggering any recovery-driven sentiment, Luthfullah K, Director-Dubai at Casagrand stated in Khaleej Times.

Surging HNI interest: The project has attracted participation from high-net-worth individuals and international buyers from the US, Europe and Russia, alongside GCC investors. Transaction volumes remain strong and a notable trend is the rise in bulk acquisitions with international investors acquiring multiple units in the Hermina project, he said. “The market continues to be driven by long-term conviction and capital appreciation over short-term gains.”