UAE realty sector remains vibrant, active in summer

Chestertons, the international property agency founded in 1805, stated that the property sector across the U.A.E. has remained vibrant and active during this summer.
The company further stated that Dubai in particular has witnessed impressive growth levels across different master developments. The company believes that both Dubai and Abu Dhabi will witness a buoyant market through the last quarter of 2014 due to a range of commercial and residential property options that are available at a globally competitive price range.
Chestertons, with its Middle Eastern headquarters in Dubai, offers a full range of property services, including residential and commercial sales and leasing. The company also provides professional property valuation services.
Matthew White, director of sales and leasing at Chestertons Mena, said, "We have seen a rapid growth in demand for properties based in Dubai and Abu Dhabi during the last few months. There is a high level of interest from local, GCC-based and international investors. As per reports, Dubai has over 700 projects worth US$123 billion in various stages of planning and construction. On the other hand, the U.A.E. has also taken measures to discourage speculative demand, which is a very healthy and positive sign for the industry. As a result more end-users are now looking to capitalise on the country's growth potential and enjoy the tax-free, safe-haven status.”
"At the moment the supply-and-demand ratio in Dubai is well balanced to safeguard the increase in growth and returns. This further convinces the investors to make Dubai their home or corporate headquarters. During this summer we also received an encouraging response from international tourists who were interested in knowing more about the city's property marketplace,” White added.
As per a recent International Monetary Fund report, the U.A.E.'s economic growth is expected to be at 4.8 per cent in 2014 and about 4.5 per cent in the coming year due to the series of megaprojects announced over the past 18 months.
Chestertons Mena also has a very active international sales division based in Dubai, specialising in the sale of prime, Central London residential apartments and houses to investors from across the entire Mena region. The company has added another property award to its trophy cabinet as it was named "UK Sales Agency of the Year” at the prestigious Resi Awards 2014, in recognition of its outstanding residential sales service. It was also shortlisted for the UK Lettings Agency and International Sales Team.
Source: Khaleej Times