Business | Property
Mega projects poised to become the norm in UAE property development
Mega developments are likely to become the future standard for real estate development in the region. According to Mohammed Hussein Abdullah Al Nemer, board member and Chief Marketing Officer of Awali Real Estate Investments, a real estate investment and development firm, the rise of mega projects in the UAE property sector is attributable to a number of different factors that combine to create both the demand and the ideal platform for large-scale community developments, as opposed to the smaller, single-purpose developments of the past.
- Staff Report
- Published: 14:31 August 31, 2008
Dubai: Mega developments are likely to become the future standard for real estate development in the region.
According to Mohammed Hussein Abdullah Al Nemer, board member and Chief Marketing Officer of Awali Real Estate Investments, the rise of mega projects in the UAE property sector is due to a number of different factors that combine to create both the demand and the ideal platform for large-scale community developments, as opposed to the smaller, single-purpose developments of the past.
In the UAE, the healthy, growing economy attracts larger numbers of new residents each year, creating a knock-on effect in the real estate sector, with demand increasing for high quality residential and commercial projects.
And along with these demands come demands for convenience, luxury, exclusivity and integrated community services, all of which people have come to expect from a modern lifestyle.
Mega-sized, mixed-use developments not only cater to the essential requirements for modern living, but also play a vital role in the sustained development of the region's economy, as the sheer volume of development required is not only indicative of the vastness of the market, but also a major contributor to its growth in terms of job creation.
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