Slight increase in freehold transactions as developments gets into delivery stage
The alterations of UAE’s real are majorly dependent on what happens to Dubai and Abu Dhabi. The developers in the northern emirates are now confirming that there are ample cogs in play, that is; the developments in Dubai can appeal to investor and end user at the same time.
Lately the Tilal City development worth Dh 2 billion in Sharjah has acquired attention, and also being the first emirate to permit UAE residents of any nationality to own units. Very similar property developments are upcoming in Fujairah and Ajman. Ras Al Kamiah has previously paved its standing as a destination for freehold investments.
As stated by the CEO of one of the real estate developer from the northern emirates: “End-users have a lot more say what with property deals on offer at even Dh3,000 a month as installment.
He also stated that the Mohammad Bin Zayed road extension is a massive advantage for the developers in the northern emirates.
Paradise Lake was launched during the 2006-07 and at this time due to the market upturn it had to accept the economic downturn. But now as the market is thriving they have three towers which have already completed its construction, where as the other two will be ready in the first quarter of 2015. The last three remarkable high rises will be completed in 2016.
The contract cancellations and non payments and related matters are abides by the federal laws. The Payment terms and negotiation are a little simpler in the northern emirates.
The buyer base for the mentioned first three towers remains strong so this develops the foundation for the projects that shall be delivered.
The CEO added: The rent verses buying rationale according to Dubai real estate developers and for numerous developers the cash ready investors stay in the dominant category. If developers are able to change tenants to buyers then that would be a positive factor.
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