UAE’s property developers laud business incentives

Inayat-ur-Rahman, Gulf Today

The UAE property developers are upbeat about the country’s realty market due to various business incentives launched by the country to draw more investors.

Dubai’s largest property developer Emaar properties recorded massive property sales in the emirate surging  by 250 per cent in the first five months of 2021, compared to the same period last year.

Total property sales to date reached Dhs10.5 billion, against Dhs3 billion in the same period last year. The company is forecasting even higher growth for H1 2021.

Commenting on the figures, Emaar Founder Mohamed Alabbar said: “These numbers demonstrate once again the resilience of our group, the quality of our products and the passion of our customers and our employees.”

He added: “I am confident that the Dubai property market is once again a growth story for developers, in light of the UAE’s wise policies, with Emaar perfectly positioned to capitalise on this.”

In 2021, Emaar has successfully launched Golf Place Terraces in Dubai Hills Estate, Caya and Bliss in Arabian Ranches 3, and Palace Beach Residence in Emaar Beachfront. The developer delivered residential units across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai and Emaar South.

Emaar Properties , listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 67,700 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 880,000 square metres of leasing revenue-generating assets and 25 hotels and resorts with 5,342 rooms (includes owned as well as managed hotels). Today, 46 per cent of the Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, and The Dubai Mall, the world’s most-visited retail and lifestyle destination, are among Emaar’s trophy destinations.

Islam Ahmed Suleiman, CEO , Reportage Properties, the leading real estate developer in the UAE told Gulf  Today that the UAE property market is on a solid growth track and is marching ahead despite the COVID-19 challenges.

The leading developer revealed its first project outside the UAE, with the launch of the “Monte Napoleone” in “Mostakbal City” in New Cairo, Egypt. The project will be developed in cooperation with Al Ahly Sabbour, the leading real estate developer in Egypt.

Suleiman said that the launch of the first “Reportage Properties” project outside the UAE reflects the company’s strong financial position, the stability of its business model, and its ability to expand and develop many new projects in various regions. He also confirmed the company’s ambitious future plans of growth and expansion in new regions through the next few years.

The CEO focused on “Reportage Properties” abilities to benefit from the vast expertise they achieved over the past years through developing many high quality projects in the UAE, in expanding to new markets in the region.

The robust investors’ confidence in Reportage Properties, especially in light of the company’s commitment to developing all its announced projects on schedule, boosted their success story.

Sulieman noted that expanding to the Egyptian market came after a thorough study of the distinguished investment opportunities in the real estate sector in Egypt, which showed remarkable growth pointers and a rise in demand in recent years, in addition to the safe and stable investment environment that Egypt provides, added to many investors’ incentives.

“Montenapoleone” which include 5,500 housing units, will be built on an area of 465,000 square meters. The project also provides an innovative fully-finished townhouses, in addition to apartments with distinct areas, starting from one to 4 bedrooms, with the highest standards of luxurious finishing. Expected project sales may reach 12bn Egyptian pounds (Dhs2,83bn). Units hand over will start by the end of Q4 -2025.

“Reportage Properties” revealed that ownership of  apartments and duplex flats in the project is available, with prices starting from Dhs183,000, with special discounts of up to 40% on cash payments. Offers include fully-finished apartments and townhouses in the project. Payment plans extends to 80 months with installments of 7900 Egyptian pounds (Dhs1900) per month.