Developers upbeat about UAE market
- Last updated: May 16, 2021 | 20:52
Inayat-ur-Rahman, Gulf Today
The UAE property developers are upbeat about the country’s realty sector despite the challenges of COVID-19 pandemic. Emaar Properties recently announced it has achieved significant increased property sales underscoring investors’ continued confidence in Emaar brand and recovery of Dubai real estate market. During the first quarter (January to March) of 2021,
Mohamed Alabbar, Founder of Emaar Properties, said: “As one of the most dynamic and growing markets in the world, Dubai’s property market resilience is a testament to its commitment to become one of the world’s best cities. We are dedicated to delivering properties in a timely manner and providing unparalleled residential developments that improve the lives of our residents and visitors.” Aldar Q1 net profit grows 80% to Dhs 544 million as development business outperforms. Aldar Development achieved property sales of above Dhs billion for the third consecutive quarter, demonstrating the ability of the business to unlock demand for prime real estate in Abu Dhabi. Reportage Properties, the leading real estate developer in the UAE, revealed sales of more than Dhs500m since the beginning of 2021, with a growth rate of more than 200% compared to the first four months of 2020, sales of Dhs 165 million
Reportage Properties is developing 11 projects, providing about 5,000 housing units within the most important investment sites in Abu Dhabi and Dubai, in addition to a project that has been completed and delivered in Masdar City in Abu Dhabi.
Sales during the first quarter of this year amounted to about Dhs369m, compared to Dhs132mn during the first quarter of 2020, with a growth rate of 180%.
Islam Ahmed Suleiman, CEO, said that achieving strong sales despite the challenges associated with the repercussions of the “Covid-19” pandemic during the current year, reflects the company’s strong performance and the attractiveness of its projects, as well as the robustness and stability in the UAE real estate sector.
Reportage Properties sales in 2020 totaled Dhs812m, an increase of 125% compared to 2019.
He confirmed that the company launched new projects in 2020, both in Abu Dhabi and Dubai, which attracted a variety of buyers, especially in light of the company’s interest in providing easy payment methods and special offers.