News

Dubai’s leading real estate developers are placing a huge weight in the delivery of projects, following a spate of high profile announcements.

With a resurgence in property prices over the past 18 months, a host of projects have been brought to the Dubai market as confidence increases. Whilst buyers are returning in big numbers, more stringent and protective legislation has been introduced to provide reassurance and confidence to those investing in the property market.

The Dubai Statistics Centre recently announced that 736 buildings were completed in Q1 2013, a 6.6% increase compared to the previous quarter, with a value of Dh3.73 billion (£667m), against Dh3.5 billion (£626m). The report also indicated that multi-story buildings had the largest share of the delivery in Q1 2013, making up 39 per cent, with a value of Dh1.44 billion (£257m), against Dh1.34 billion (£240m) in Q4 2012.

“It can’t just be announcements; it is critically important to show action and consistent progress,” said Ziad El Chaar, MD at Damac Properties. “Dubai will define its global position in the coming couple of years as international investors watch the speed of delivery for these major projects.”

Nozmul Islam CEO of Dermarr Real Estate commented, “Dubai is once again becoming an exciting place thanks to these new developments and we are in a great position to provide opportunities to our clients.”

The company looks after the interests of The Pervaiz Naviede Family Trust in Dubai and oversees the operation of the Royal Club brand, the first timeshare operation in Dubai located on the Palm Jumeriah.