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UAE 'attractive for long term investments'

Dubai, June 8, 2009

The UAE property market remains attractive for long term investors amidst economic crisis with Bahraini investors pumping over Dh95 million ($25.8 million) into the Emirates’ property market in the first quarter of 2009, said an expert.

The real estate developers in the UAE are now shifting their focus towards the completion of their projects and thereby strengthening the confidence of buyers across the globe, according to Bonyan International Investment Group, a leading real estate company in Dubai.

In addition to the completion of a wide selection of luxury and mid-priced developments, investor’s confidence is also rising as a result of the government’s efforts to provide unprecedented benefits to foreign buyers, said Faris Masoud, CEO of Bonyan International Investment Group.

The new multi-visit entry visa scheme, which enables property owners to enter the country and stay for up to six months, has been a timely step, he noted.

Furthermore, the UAE Government has also taken bold steps to inject liquidity into the market, including the $20 billion stimulus package, which is expected to help the construction sector to pick up in the coming months, he pointed out.

'Among the top UAE real estate investors are Bahraini nationals, who have pumped over Dh95 million into the UAE property market in the first quarter of 2009 as reflected by recently published reports by REIDIN.com.,' Masoud added.

In line with this, the group has announced that it is currently looking to recruit new sales agencies across GCC to maximise the opportunity presented by this latest market development.

“We are witnessing positive indicators that the property industry is changing for the better, indicating that the real estate sector will begin to be active and profitable,” said Masoud.

“In anticipation of this, we are intensifying our efforts to further extend our capacity to meet our customers’ needs by extending our sales partner network, which will make our projects more accessible to potential customers across the GCC.'

'We are also looking into expanding our project portfolio to provide investors with high quality projects that are ideal for long term investments,' he added.

Bonyan has developed Dh3 billion worth of residential and commercial developments in Dubai, including ‘Rose Tower’, ‘Lulu Tower’, ‘ABBCO Tower’, ‘Dubai Gate 1’, ‘Dubai Gate 2’ and ‘Sharjah Gate Tower’ in Sharjah.

In addition, the developer has also built an impressive portfolio of projects in Qatar, including ‘The Lagoon Plaza’, a 34-floor twin apartment tower, and ‘The Palm Tower’.

'We have built a strong repute among Bahraini investors as the developer of high-quality projects, and our goal is to build further developments that can be classified as ideal long term investments by the global real estate community,' Masoud noted.

'In line with our aims to penetrate the rest of the GCC states, our strategy consists of hitting the delivery target we have set for our projects to impress upon our valued customers our credibility and trustworthiness as a developer,” he added.-TradeArabia News Service




Tags: Bonyan | attractive | UAE property market |

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