Abbas Sajwani, Emirati entrepreneur and son of Damac Group’s founder, Hussein Sajwani, has launched his own real estate company, AHS Properties, with a particular focus on the luxury market.

The new Dubai-based business is looking to capitalize on the rising demand for ultra-luxury properties, with a view to selling premium properties in Emirates Hills, as well as beachfront villas on Dubai’s exclusive Palm Jumeirah.

The company, with a total asset value of more than $100 million, currently has four luxury villas in its portfolio, of which three are being valued at AED80m ($21.8m) each, and the fourth valued at more than AED150m ($40.8m) – Amara Villa at Emirates Hills, a 45,000 sqft mansion with seven ensuite bedrooms.

The UAE’s coronavirus response continues to attract the world’s wealthiest investors, who are flocking to Dubai to snap up luxury homes in locations such as the Palm Jumeirah and Jumeirah Bay.

A report by Knight Frank indicated that villa prices in the emirate were up by 5 percent in the third quarter of 2021, and the number of homes worth more than $10m that have been sold in Dubai so far this year currently stands at 54, smashing the previous record of 31 set in 2015.

“There has been exceptional growth of high-net-worth end-user buyers who are looking to move to Dubai which will definitely boost demand for luxury properties in the short and medium term,” Sajwani said.

Villas are expected to drive strong growth in Dubai’s real estate sector during the fourth quarter of 2021 as consumer and investor sentiment continues to rise due to Expo 2020 Dubai, according to Dubai-based Zoom Property.

The report highlighted that 50 percent sales growth on a quarterly basis is expected in the villa segment during the October-December period.

“The launch of AHS Properties comes at an exciting time in Dubai, as the city welcomes millions of people from around the world at Expo 2020,” Sajwani added.

AHS Group’s portfolio includes ventures, properties, and investments. The company aims to be one of the leading business groups in the Middle East by 2025.