Property House, a  new Dubai-based real estate firm, said on Monday it will invest $1 billion in residential and commercial projects over the next year to tap into the UAE's ongoing construction boom.

"We think that the property boom is sustainable providing that there is the right investment and the right time," chief executive officer Muhammed Nazir said at a news conference.

The company has bought land in Dubai and invested in a $4 billion mixed-use development in the northern emirate of Ajman in partnership with South Korean property developer Dseco.

"Dubai has been promoted as a tourist destination around the world," Nazir said. "As long as the government supports the infrastructure, the private sector will invest," he said.

Property House has affiliates in Pakistan and Turkey, according to a press statement.-Reuters