Property | General

UAE real estate industry gains

Industry witnesses increasing confidence from local and international investors

  • Staff Report
  • Published: 17:31 October 23, 2012
  • Gulf News

Dubai: The UAE real estate industry is gaining an increasing confidence from local and international investors, thanks to the firm foundations of the UAE economy that secures investor’s rights and ensure ongoing strategic relations between the various economic sectors, Salem Al Moosa, the prominent UAE businessman Chairman & CEO of Falconcity, said on Tuesday

Al Moosa said that the real estate market in Dubai in particular and UAE in general is a promising market despite the challenges faced by such markets and that the economic crisis had an unfair impact on the country which resulted in rumours and psychological responses. Salem Al Moosa added that those who left the UAE came back again and this was clearly noticed in the last period and reflects the investors’ confidence in the local economic environment and its various sectors.

Al Moosa said that the UAE leadership is providing all the means and structures to attract investors including various measures on the financial, banking, legal, real estate development and infrastructure levels. Salem Al Moosa added that Dubai real estate professionals have to follow the guidelines and procedures of Dubai Land Department and its regulatory arm the Real Estate Regulatory Authority (Rera) which both maintain ongoing efforts to secure investors’ rights and ongoing collaboration between all related parties.

Salem Al Moosa added that Falconcity of Wonders (FCW), the multiuse mega-project being developed across Emirates Road managed to maintain its progress despite the effects of the economic crisis: “We are proud of our project and the significant advancements it witnessed on various levels including the completion of phase 1 catering 308 families, completing 366 villas, electricity, water and sewerage plants and all infrastructure which show the investors that Falconcity did not stop during the economic downturn but it focused on completing all the requirements of infrastructure below and above the ground and this really impressed all investors”.

Construction works for 202 villas representing the second part of phase 1 are now going full swing and the same applies to the 568 villas of the Western Residence part. A tender has been opened to build the project’s Sports Park that will cater to the existing Falcon City community residents and possibly the various communities around it with key facilities including pedestrian/running track, bike track, skating area, open space kids’ celebration area, outdoor gym, soccer field, basketball and volleyball courts and other facilities.