UAE properties have long way to go: developer

Dubai property market has a long way to go, said Dubai-based property developer Harry Kantaria, allaying any fears that the market may be close to saturation.

Kantaria, chairman of Aspire Real Estate, who recently launched the Santorini development, a new Dh1-2 billion development in Ras Al Khaimah (RAK), said: “If you look at the UAE as a whole, there are four emirates that offer free-hold properties – Dubai, Abu Dhabi, Ajman and RAK. Each of these emirates caters to different economies which compliment each other.''

Kantaria singled out Ajman and RAK as the market catering to middle- and low-income investors.

“For people looking for holiday, homes RAK is an ideal place. It offers the same or better environment as the Palm Jumeirah at probably one third the cost.''

Waterfront properties are popular with investors from Russia, CIS countries, Europe and India, he added.

As the property market in the country grows, an increasing number of celebrities are finding its charm irresistible.

Bollywood actress Manissha Lamba is said to be hunting for a property here and is said to be “finalising something very soon''.

Hollywood actress Tara Reid is not far behind.

She is said to be “very keen and hooked on to the property scene here'' and actually extended her stay for a few more days to finalise something before leaving.

And for the more everyday people considering a property investment, Harry has million dirham tips: “Inflation in Dubai is growing at the rate of 15 per cent per annum so a return of 15 per cent on a property is basically no return at all.

“I personally presume that Dubai property market should appreciate at least 40-45 per cent annually for the next few years. RAK, on the other hand, is a very new market and I believe it should appreciate about 70 per cent.''


Joint venture


Stallion Properties and Aspire Real Estate have joined forces with the launch of a prestigious new development in Ras Al Khaimah, the Santorini development.

The Dh1.2-billion Santorini development, inspired by the iconic Greek archipelago, is on the Marjan Island project in Ras Al Khaimah and comprises condominiums, town homes, villas, retail outlets, water bungalows and a five-star hotel.

Each property comes semi furnished with white goods already installed in the kitchen.

“It was paramount to our strategy that we teamed up with a real estate company that has demonstrated immense success, experience and integrity in the property market. Aspire has quickly gathered momentum and a sound reputation considering their launch into the market only being three years ago,'' commented Mehta, CEO of Stallion Properties.

Kantaria said: “Our strategy is to align ourselves with key strategic partners within the property market with sound investment backing.''

The guest list of the launch of the project included celebrities Tara Reid, Yuvraj Singh, Aditi Govitrikar, Minesha Lamba and Geeta Basra.