Dubai real estate has strong market fundamentals
Dubai Properties Group, which has delivered around 35,000 residential units, maintains positive outlook for the real estate market in Dubai, its group chief executive officer Abdulla M. Lahej told Khaleej Times during an interview on the first day of Cityscape Global on Tuesday.
The developer has numerous developments under construction in each of key destinations of Dubailand, Business Bay, Culture Village and JBR.
"Cityscape is the ideal platform to communicate future plans, and the company has a strong pipeline of projects across all sectors that all tailored to meet the needs of real estate investors in the region," according to Lahej.
At the Cityscape, Dubai Properties is using virtual reality to provide customers with interactive digital experiences that showcase the dynamism of its products and master planned destinations.
At the show, the Dubai developer is showcasing a variety of developments including, Marasi Business Bay, which is a unique waterfront destination along the Dubai Water Canal set to offer the region's first yachting destination and first ever homes on water and floating restaurants.
The unique waterfront features almost a 12km waterfront promenade, 1,250 berths, onshore boutique shopping, a range of leisure and entertainment facilities, and extensive multi-level mechanical parking.
Marasi Business Bay is divided in to three uniquely themed main areas - The Marina, The Park and The Pier. Phase 1, comprising The Marina and The Park, is on schedule for delivery in fourth quarter of 2017.
Talking about the real market, he said: "We maintain a positive outlook, as do other developers; we believe that the real estate market is undergoing its natural cyclical course."
Dubai's real estate transactions seem to be in stability mode and the general sentiment has been cautiously optimistic towards a recovery commencing in the second-half of this year, he said quoting a recent report of property consultancy ValuStrat.
The general sentiment has been cautiously optimistic towards a recovery. Industry experts and consultancies such as KPMG have anticipated an upturn in 2017. Industry peers attribute this confidence to latest sales bookings, improved regulations within Dubai's real estate sector, and the overall growth of population, economy, tourism, number of visitors and infrastructure investments in the emirate.
"At Dubai Properties, we smartly phase project development to ensure that we are anticipating and delivering on the growing demands of a diversifying Dubai, as well as continuing to fuel strong economic growth," Lahej said.
"By bringing top quality, distinctive destinations to the market, we hope to secure interesting lifestyle opportunities, business environments, retail and tourist spots for the changing needs of Dubai today, tomorrow, and in the future," he added.
Dubai has strong market fundamentals as the premier business hub and leading city of the region. According to the International Monetary Fund, Dubai is set to enter a period of "rapid acceleration" ahead of Expo 2020, aided by the emirate's political stability and a pickup in oil prices.