Dubai developers showcase properties in London

Sunday 22/05/2016
Dubai Properties 1/JBR tower, scheduled to be completed by 2009.

London - Anumber of Dubai’s major property developers par­ticipated in the recent Dubai Property Show, showcasing the entire spectrum of property options on of­fer — from the affordable to the su­per luxurious.

“Our participation in this impor­tant exhibition through our main sponsorship stems out of our con­tinued efforts to benefit from all existing opportunities to promote our real estate market globally,” said Majida Ali Rashid, assistant director general and head of Real Estate In­vestment Management and Promo­tion Centre.

“We strive to do this, as we be­lieve that property in Dubai has a certain appeal that is appreciated by various categories of investors around the world,” he said.

The event brought together some of the industry’s top players, in­cluding Binghatti Developers, Pan Global Development LLC and in­dustry heavyweight Dubai Proper­ties Group.

Dubai Properties displayed some of its hotter projects including Dubailand’s Arabella 2 and the ul­tra-luxurious 1/JBR development, a tower in the heart of the popular Jumeirah Beach. That project is scheduled for completion in 2019 and generated a great deal of inter­est during the London expo, Dubai Properties Chief Operating Officer Masood al-Awar said.

“Dubai is an investment arena for multinationals. In 2015, British peo­ple amounted to 7% of the overall investment in property in the Dubai market, so we felt it was very feasi­ble to come and present these three projects that we have that are very sought after,” Awar said.

The United Kingdom is an im­portant market for Dubai. In terms of tourism and business travellers, the emirate sees a 10% increase on an annual basis from Britain, with 1 million visitors expected for 2016, according to statistics released from Dubai’s Department of Tourism and Commerce Marketing.

British investors were second in foreign investment in 2015.

The Dubai property market has been a source of much speculation within the industry, and with the Gulf Cooperation Council region go­ing through economic reform, fears that initiatives such as the introduc­tion of a value-added tax and other taxes might affect the investment climate.

However, Awar said, although the property market was expected to move in a slower pace for 2016, the truth on the ground has proved oth­erwise.

“Yes, the dirham is pegged to the dollar, so that has an effect on other investments; however, developers changed their payment plan strate­gy to ensure that the investment vi­ability will be looked after,” he said.

“Furthermore, there was a new dimension of products that were launched to make sure people would still be able to invest. So more towards the affordable, more towards protecting the yield and the Dubai Land Department made it mandatory for every developer that launches a project to think about the affordability side of it because it’s a part of a growing population and business and the sustaining of the real estate development cycle.”

According to Dubai Land Depart­ment data, British investors put $2.7 billion into Dubai’s real estate sec­tor in 2015, becoming the second biggest international investor just behind India. From 2008-15, total British investments into Dubai’s re­alty market amounted to more than $15 billion. In the last three years, investments almost doubled.

Awar said he is optimistic regard­ing the future of Dubai’s real estate industry.

“Based on my experience what­ever people have predicted Dubai has been able to achieve one step above and we are going towards sustainability and further growth.” he said.

“There is nothing that Dubai can’t achieve as long as the government is fully supporting the most impor­tant aspect and that’s called the cus­tomer, and if you take care of your customers, you don’t have to worry about competitors.”

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