By Parag Deulgaonkar www.zawya.com
A resurgence in the property market, led by UAE’s strong economic fundamentals, safe haven status and growing interest from regional and international investors, is driving an increasing number of developers to launch projects in Dubai.
Last week, Jones Lang LaSalle, a global property consultancy, said the Dubai property market was not going to witnessing any price correction this year. UK-based Knight Frank has already put the price increase between 10 and 15 per cent this year, with Dubai Land Department chief expecting anything between 35 and 40 per cent.
Driven by demand and growth prospects, others are joining the bandwagon. Dubai Investments , a diversified investment conglomerate, is planning to launch projects valued at Dh3.5 billion this year with Orion Real Estate Development, a new entrant, announcing plans to invest Dh500 million in real estate developments.
Revealing to Emirates 24|7 about the project launches, Khalid bin Kalban, Chief Executive Officer, Dubai Investments , a Dubai Financial Market-listed company, said: “We will be launching phase 3 of Green Community, a Dh500 million project, and relaunching our Mirdiff Hills, a Dh3 billion project, in 2014.”
The Green Community phase 3 will have nearly 250 units, of which more than 200 will be villas.
Kalban added the company was revising the concept of Mirdiff Hills and work was expected to start on the project in or after the third quarter.
When launched in 2008, Mirdiff Hills was slated to be a mixed-use development, consisting of 680 apartments, 380 offices and 129 retail outlets. More info