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 demand drives a second phase of development. Buyers are returning to the market in big numbers following the introduction of more stringent legislation to provide buyers with reassurance and confidence in the market.

The Dubai Statistics Centre recently announced that 736 buildings were completed in the first quarter of 2013, a 6.6% increase compared to the previous quarter, with a value of Dh3.73 billion (£668m), compared to Dh3.5 billion (£626m).

The report also indicated that multi-story buildings had the largest share of the delivery in this quarter representing 39% of projects under construction.

“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 leading the way in innovative and ambitious construction programmes. With so much activity and, crucially, increased confidence, we are in a great position to develop even further for 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.