dubais real estate sector growth up 25
Last Updated : GMT 23:17:49
Arab Today, arab today
Arab Today, arab today

Dubai's real estate sector growth up 2.5%

Arab Today, arab today

Arab Today, arab today Dubai's real estate sector growth up 2.5%

Dubai's real estate
Dubai - WAM

Ismail Al Hammadi, Founder and CEO of Al Ruwad Real Estate Consultants drew attention that the Real Estate sector in Dubai showed notable success much against the number of international studies which predicted that the real estate sector will see a downfall of 20% in the beginning of the year. But instead, it achieved an average annual rise of 2.5% in the first half of the year in 2015.

Hammadi stressed that the volume of real estate sales exceeded by Dh 129 billion during the first six months of this year (According to the Land and Property Department in Dubai), compared to 57.6 billion dirhams during the same period last year, and that about 20 thousand investors belonging to 142 different nationalities pumped nearly 53 billion dirhams from January until June (6 months).

"What was happening on ground in Dubai is frankly quite different and very strange. Since we saw that in spite of the rate of residential property prices decrease at first, it then rose to 3% in the second quarter of the year. This is more than the annual growth rate of 2014 which was 2.5%." Al Hammadi said.

He added that this was thanks to the overlapping of several factors which contributed to keeping the liveliness and activeness which is one of the most important features of Dubai's real estate sector. He also pointed out the fact that the market has witnessed a wave of sales resulting in the developers realising that the limited-income families are an important part in reviving the market and the reason to add to the continuing growth equation.

"Several huge projects, that have seen the light of day, enabled for more flexible options in terms of prices yet preserving the reputation of Dubai in terms of elegance and status. Some of such projects have fully been sold after less than a day of their launch, with easy settlement options of 1% interest over seven years!" Al Hammadi continued.

Al Hammadi said that these projects have been credited due to the recorded high amount of sales in Dubai over the past few months, where he pointed out that the month of June alone had witnessed sales worth 1.2 billion dirhams.

Al Hammadi noted that the presence of world's largest giant companies in Dubai is another factor that supports the real estate sector across the medium and long-term strategic plans, citing Emaar Properties as an example.

Being one of world largest real estate development companies in terms of value with its assets touching the mark of Dh 159 billion and 216 million square meters. At the same time, pointing out to the quarterly results announced by the company just days before, which showed that they accomplished a net profit amounting to Dh 2.2 billion during the past six months, an increase of 12% from last year.

Al Hammadi pointed out that Emaar Properties is not an exception to great figures, after confirming the results just a few hours ago, by the DAMAC Properties, where it shows that its mid-term profit jumped to Dh 2.7 billion, recording its shares as the highest level price since listing, thanks to dividends and profits.

Al Hammadi linked the positive breakthroughs of Dubai Financial Market to the entire real estate sector shares, and that the general index of the market received significant support from these shares.

Al Hammadi expected that infrastructure projects for the Expo 2020 is going to create a state of sustainable stability for real estate prices in the Emirate of Dubai, particularly in light of the launch of "Meydan One ", a crucial and enormous project, which was unveiled just a few days ago. Housing, commercial and tourism projects that is to be built on 3.6 million square meters. The Project includes the "Dubai One" tower, the tallest residential tower in the world which will be up to 711 meters high, in addition to a similar announcement of the tallest commercial tower in the world, "Burj 2020" Tower in the Jumeirah Lakes Towers area.

In this context, Al Hammadi cited that with official figures that have been announced earlier, the Expo requires investments in infrastructure worth US 8.8$ billion (equivalent to 32.4 billion dirhams), and the returns will amount to US 23$ billion (according to the Bank of America Merrill Lynch).

Al Hammadi stressed that the government's step in the liberalisation of oil prices carries a positive impact on real estate sector, especially now that the diesel prices have been reduced, which promises a steady growth rate in the near and long term future.

Sustainable growth He concluded that he has a positive outlook and will focus on maintaining and exploring the potential of the Dubai real estate with an emphasis on local, regional and bringing it up to par on a global level too. He said that, "It's no secret that the Dubai Market in particular or the UAE in general has great potential in terms of its value in real estate assets. For example, it's about 122% higher than its Singaporean counterpart."

Al Hammadi pointed out that the real estate sector is a key contributor to the gross domestic product of the Emirate, which is why Sheikh Mohammed bin Rashid adopted the largest budget in its history for the current year 2015. This is a huge gesture and shows the potential and strength of the real estate sector and to what extent it contributes to the budget which recorded a deficit of (0) Dh.

Hammadi expressed his optimism about the future of the real sector as Dubai turned into the Capital of Global events with its 200 Global conferences and thus proving the need to improve the infrastructure to keep pace with the growing demand.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dubais real estate sector growth up 25 dubais real estate sector growth up 25

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dubais real estate sector growth up 25 dubais real estate sector growth up 25

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Top Democrat faces investigation

GMT 09:50 2017 Friday ,17 November

Top Democrat faces investigation
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Angola oil boss sacked by father's protege

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Urban, young and active?

GMT 11:01 2017 Thursday ,16 November

Urban, young and active?
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 09:23 2017 Wednesday ,15 November

Years melt away as Bening & Bell play unlikely lovers

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 10:55 2017 Thursday ,16 November

UN warns fuel running out

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday