UAE’s real estate market outperformed those of other countries in the Middle East in 2017, according to Sameh Muhtadi, chief executive officer of Bloom Holding.
Muhtadi told Construction Week: “The UAE upheld its status as the best-performing real estate market in the Middle East in 2017. A combination of factors, including robust demand from investors and end users, rising population, availability of properties at relatively affordable prices, and attractive payment plans, has enable the country to outperform its regional peers,” Muhtadi said.
He expects the upward trend to continue, “driven by underlying economic, demographic, and sentimental dynamics that [have] helped the real estate sector grow faster than other sectors over the past years”.
“The outlook for 2018 is very positive, as property prices are expected to maintain a growth momentum, given the improving macroeconomic situation in the run-up to Expo 2020 Dubai,” he said.
“This will necessitate further investment in the development of the residential, commercial, retail, and leisure segments to support growth across the business, trade, and service sectors, leading to accelerated job creation that will, in turn, drive end-user demand.”
Muhtadi revealed that hiring activity in the country is on the rise, a development that he noted that already produced noticeable impact on the market “in the form of increased appetite among new buyers”.
“We believe this trend will [continue] for the foreseeable future,” he said.
Bloom Holding has a number of companies operating under its umbrella, including Bloom Properties, which counts among its projects Bloom Towers and Bloom Heights, both located in Dubai’s Jumeirah Village Circle.