Dubai’s real estate sector is undergoing a notable transformation, with Loutraki International investing AED200 million ($54.45 million) in the Santorini Residences project. This investment reflects the growing interest from international developers in the market, particularly since early 2023, as highlighted by the SAVILLS World Housing Cities Index. Loutraki, an Australian real estate development firm under Nucorp Constructions, has introduced this luxury residential development in Dubai.
Sustainable luxury development
This luxury residential development emphasizes sustainability and incorporates modern features designed for an eco-friendly environment. According to the Australian company, Santorini Residences builds upon the successful luxury models established by Loutraki in Australia since 2011, including notable projects like Woolley Creek, Rosehill, Parramatta, and Merrilands in Sydney. Scheduled for completion in July 2026, the development is located in District 2 of Jumeirah Village Triangle (JVT), making it one of Dubai’s prominent residential offerings. The project comprises 22 floors and includes a variety of residential units, such as studios, one-bedroom, and two-bedroom apartments, catering to the diverse needs of families and investors alike.
Amenities and recreational facilities
Ahmed Karim, CEO and founder of AMK VISION, indicated that the project is being marketed by an exclusive real estate broker. He expressed that Dubai is viewed as an ideal destination for real estate investment from Europe, America, and beyond, anticipating significant growth in real estate prices, estimated at 5 percent to 7 percent annually for 2024 and 2025, driven by demand outpacing available supply.
The Santorini Residences project is seen as offering both investment opportunities and luxury residential benefits that align with the aspirations of investors and families, particularly in light of the ongoing demand for high-end properties. This trend is believed to strengthen Loutraki’s position as a global leader in sustainable real estate development and represents a significant step toward creating environmentally friendly communities.
Read more: Dubai real estate market records over $9.6 billion in sales in January 2024
Additionally, he noted that the project aims to adhere to the principles of green construction, supporting the UAE’s vision for sustainability. Specifically, Dubai aims to increase the proportion of green buildings to 25 percent by 2030, and this project aligns with that commitment, showcasing the emirate’s dedication to sustainable housing solutions.
He also mentioned that the project includes a range of amenities and recreational facilities, such as swimming pools, a fitness center, and green spaces.
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