Dubai Property Market Update - Dubai Properties
The real estate sector in Dubai and the UAE has experienced a progressive recovery during the last few years, and we have seen this continue throughout 2014. The industry has matured in terms of best practice, regulations and laws to protect both the investor and the developer, such as the mortgage regulations that have made a positive contribution to ensuring controlled, sustainable market growth.
The latest industry reports have seen a gradual slowing in the pace of price growth; which means that these measures are effective and have positively impacted the market behaviour.
From a Dubai Properties perspective, the market this year placed us in a favorable position and our strategy has allowed us to experience sustainable growth across our portfolio in 2014.
For example, we have seen strong demand from investors for new residential projects such as Dubai Wharf launched at Cityscape recently. In addition, other DP developments have recorded a sellout success and prompted the release of further units such as in Mudon and Remraam.
I believe 2014 will be remembered as a successful year for the real estate market, and for DP in particular, our strong sales been a clear reflection of not only the positive market conditions, but also our successful strategy to develop practical, high quality and sustainable projects in every segment and area of Dubai, that offer essential amenities and facilities to enrich the lives of residents and end users.
DP has already delivered over 36,000 residential units, 2.8 million sq. ft. of office space and over 1.2 million sq. ft. of retail space to the market across key areas of Dubai. The main projects we have launched in 2014 include: Mudon, Remraam, Manazel AlKhor, and Dubai Wharf, some of which experienced sell out successes.
DP will continue to develop a growing portfolio of retail, commercial, residential, hospitality and mixed-use projects, and we have a strong pipeline of projects across all sectors that are tailored to meet the needs of real estate investors in the region. We will continue to align our business with the current market demand by launching new projects that provide strong investment opportunities.
Collectively, the real estate industry in Dubai is continuously experiencing strong growth with investors looking for ‘value for money’ projects across the city with completed infrastructure, accessibility and quality building and finishing. Our projects will continue to meet this market demand in line with Dubai’s growth across the residential, commercial & retail sectors while continuing with the strategy to develop projects in prime locations of Dubai
Winning the Expo 2020 presents a huge opportunity for Dubai’s real estate industry, and as a leading developer with a wide range of projects in every segment and area of Dubai, we are well placed to capitalize on the increasing requirements which this will bring.
Going forwards, we plan to launch more projects that cater to the increasing population expected in Dubai over the coming years, from affordable apartments to villas and townhouses and high-end luxury accommodation across key areas of Dubai.
Mohammed Al Habbai
Chief Officer for Urban Planning and Infrastructure, DPG