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Canadian builder eyes Dubai property sector

DUBAI - Shane Baghai Company, a leading North American luxury home builder, said it is considering an entry into Dubai's buoyant property market in joint venture with local companies.

Shane Baghai, president of the company, said serious negotiations are under way with some of the potential partners for the Dubai venture. "We hope to offer investors the best opportunities in the West and the East. While Toronto's property sector is way ahead of other mega North American cities with a 10 per cent growth, Dubai has become the most sought-after destination for property seekers from all over the world."

Baghai, who was in Dubai to promote his company's luxury construction projects in Toronto, said Dubai is the fastest growing property market in the world. "With its progressive outlook and open-door policy, it is bound to surpass the spectacular growth witnessed by Hong Kong in the seventies. The incredible pace of developments being witnessed in Dubai is making it the seventh wonder in the world."
Shane Baghai Company, which has built more than 5,000 residential units in North America, seeks to promote its projects in the Middle East region with Dubai as the launchpad. The projects on offer, starting from C$160,000 for a single bed-room unit, are considered to be safe and profitable for all types of investors regardless of their financial capabilities, he said. From an overage C$210,000 for a residential unit in 1999, prices have gone to C$280,000 today, he pointed out.

"Toronto is considered to be the fourth largest financial centre in North America and the corporate capital in Canada with a growth rate exceeding all other cities over the past five years. It is one of the largest cosmopolitan cities in the world with residents speaking about 100 languages and featured as being safer for its residents when compared to other big cities," said Baghai. He said Middle Eastern investors, particularly UAE and Saudi-based investors have been showing keen interest in Toronto's property market. From the UAE, apart from nationals, several expatriates from the Subcontinent are buying properties in Canada not only with an investment objective but also to speed up immigration procedures, he said.

Baghai said real estate investors in Toronto benefit from the various features of investment in this city, like simplified legal procedures, investments protection, reasonable property cost compared to other European, American and Japanese cities, in addition to the safe and profitable revenues. Real estate sector in Toronto achieves a record 5.1 per cent annual growth rate in its value boosted with low mortgage rates, he pointed out. The exhibition includes a special section for legal consultation about immigration to Canada provided by A.D.L. International Immigration Services who are providing advice and consultations about the investors' benefits and rights in Canada as well as the legal procedures involved in immigrating to Canada.