UAE | General
New incentives boost UAQ realty prospects
Umm Al Qaiwain's property sector is set to experience a bright future thanks to the new incentives offered to potential investors.
- WAM
- Published: 00:00 January 18, 2003
Umm Al Qaiwain's property sector is set to experience a bright future thanks to the new incentives offered to potential investors.
The emirate set up the Umm Al Qaiwain Lands and Property Department in May 2002 to stimulate the sector and attract foreign investment. The department took dramatic measures to clear any obstacles hindering development of the sector.
Government incentives, modern infrastructure, new flexible legislations and rapid increase in population, are turning the local real estate sector into one of the most attractive one for investors.
Local market sources put the total value of investment in the real estate sector at Dh600 million with annual revenues of Dh70 million.
Abdul Rahman Al Zarounie, an institutional real estate investor, said investment in residential buildings is the most favourite portfolio to investors, followed by industrial property investment and commercial property investment.
"Funds pumped into the sector from Umm Al Qaiwain, other emirates and GCC account for 80, 15 and five per cent respectively of the gross investment," he said. He disclosed that around 400 flats and 150 villas and houses will enter the property market in 2003.
Real estate investment, he predicted, would witness remarkable growth in 2003, sparking a new era of urban development in the emirate.
Share this article
Popular in UAE
-
Have your say
Living in untidy homes
Do you think that people who live in untidy homes have bad character?
Latest news
- HAAD action against doctor who sold sick leaves
- Napolitano warns against anti-Muslim backlash
- Fog sweeps the UAE
- Emirati students in US set to rise
- No friends of mother Earth
- Tussle on for tertiary students
- Faded parking lines pose a problem
- UAE to announce H1N1 vaccination campaign
- Focus on best methods of crime investigation
- Benefits of pill-sized camera displayed
- Prosecutions need to adopt new technologies
- Big decline in robberies in Dubai
- Ministry to shut down typing centres
- Car stickers to identify new drivers on road
- So what will it take to float Gulf News' boat?
Community Reports
-
Faded parking lines pose a problem
Motorists could be fined for parking incorrectly even though they can hardly see the boundaries in the designated areas
-
School buses block residential parking
Commercial vehicles taking up free parking facilities in Al Wuheida, inconveniencing residents in surrounding villas
-
Community report: Doing their bit for poor children
A group of students takes concrete action to raise funds for Dubai Cares
-
Surprising truth of 'abandoned cars'
An Abu Dhabi resident believes that some mechanics are using parking spaces as rent-free workshops
