VP’s initiative to boost realty sector

Sajjad Ahmad, Gulf Today

The new initiative by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to bring balance between the supply and demand in the property market will give a new boost to realty sector, said Firas Al Msaddi, CEO of Fam Properties during a media event in Dubai.

He said, “one of the main aims of the new initiative by His Highness Sheikh Mohammed Bin Rashid Al Maktoum is to ensure fair competition and transparency and provide equall chance of growth to all developers and investors.”

Highlighting the impact of Expo 2020 on the market, he said, “The real impact of the Expo 2020 will be post the actual event. Projects in Dubai still have the potential to offer 20% on equity in the first year, 15% on equity in the second year and 8% (on average) on equity post. When the Expo was announced till date, there have been recorded opportunities. The UAE has offered around 49,700 jobs in the past ten years, until 2013. And it is only the beginning. Dubai has always been known to be spectacular in everything it offers. Expo 2020 is not the country’s first global event, but it sure is the largest.”

Firas Al Msaddi also stressed on the importance of investors doing thorough research on the various data that Dubai transparently offers to create opportunities for people.

Al Msaddi also siad, “Every developer should focus on a project that is not a duplication of an existing project. It is key to differentiate the property, for example City Walk is the only low-rise, modern residential project that offers the component of retail and tourist attraction in one, that is the reason the prices have fluctuated the least.”

A key point mentioned throughout the event was directed at everyone in the market to be on the lookout for opportunities and executing decisions where research is done well. Quality controlling, value to the end user and pricing are all important factors. there are only possibilities for a greater benefit for everyone involved in the realty sector. Finding the gaps and identifying what the market needs is essential for investors.