Projects completion rate gains pace

Inayat-ur-Rahman, Deputy Business Editor

The UAE property market is in fine fettle despite the COVID-19 pandemic.

The completion rate of property projects in Dubai this year is quite encouraging despite the global trends, with over 20,000 units having been completed in the first four months of 2020 amid a slowdown in new project launches.

In addition, work on construction projects is also continuing at a steady pace as the sector has been exempted from the restriction of coronavirus, resulting in most of the projects going ahead with deliveries.

Reportage Properties, the leading real estate developer, is organising a special sales day at the Westin Dubai Resort and Marina, Al Mina Beach in Dubai, on Saturday. The company provides a special offer that includes exemption from service fees for 10 years, on all its projects in Abu Dhabi and Dubai.

Reportage Properties is developing 10 projects that provide about 4,000 housing units within the most important investment areas in Abu Dhabi and Dubai.

Islam Ahmed Suleiman, CEO  Reportage Properties told Gulf Today that the UAE real estate market is marching ahead, adding that the market has recorded a dramatic surge in sales growth.

He pointed out that the Reportage Properties achieved strong sales during this year, despite the challenges associated with the repercussions of the spread of “COVID-19”. This in turn, confirms the strong performance of the company and the stability of the real estate sector in the UAE.

In Dubai, Reportage Properties is developing the “Alexis Tower “project, in Downtown Jebel Ali, which provides 378 luxury residential units, in addition to the Rakan Tower project, in the Dubailand area which provides about 488 housing units. In addition,they have  phase one of “Rakan Lofts 1”, which includes 349 residential villas, while the second phase of “Rakan Lofts 2” includes about 305 villas.