Deyaar to double property portfolio over 5 years
Dubai, September 7, 2009
Deyaar Development, a regional real estate company, has announced that it will double the size of its property management portfolio in the next five years, in line with its strategy to diversify its revenue base.
Deyaar, a principal player in property development and management in the UAE, currently manages over 16,000 commercial and residential properties in the emirates, with over 95 per cent occupancy.
“Since the past year, Deyaar has been working with a long-term strategy of diversifying its income streams, and our planned expansion in property management is in line with this overall strategy,” said Markus Giebel, chief executive of Deyaar.
“Deyaar's property management division has seen a marked evolution since its inception, transforming from an institutional property manager focused on the management of Deyaar properties to a large, multi-client manager of premium and mid-range properties across the UAE.'
“Over the course of this period, the company has not only efficiently managed its portfolio, as demonstrated in the high occupancy rate, but also helped property owners to optimise the return on their assets,” he added.
“We believe this is an opportune time for the company to further build on its success and accumulated knowledge by targeting new landlords and restoring the confidence of real estate investors in the region,” Giebel said.
“The long-term fundamentals of the UAE real estate sector remain unshaken, and we continue to see tremendous scope for Deyaar to expand its geographical reach across the seven emirates.”-TradeArabia News Service