Real estate developers have said they are trying to deliver their projects on time, despite the repercussions of the Coruna virus on the market. They added that the developer may have excuses in the event of a delay in delivery, because the crisis is beyond the control of the developer, stressing that the developers, who have delays in their delivery schedules, must make the matter clear to investors.
The repercussions of the virus
In detail, the CEO of "Azizi Real Estate Development Company," Farhad Azizi, said: "Despite the effects of the Corona virus on the global economy, we have continued rapid progress in our projects, as the construction sector has been operating at full capacity all the time, and we obtained a permit to work 24 hours Today, with the aim of adhering to our plans for the (Riviera) project in Mohammed bin Rashid City, we are confident in fulfilling our promises of delivery dates, and we look forward to completing approximately 3,000 housing units by the end of this year. ”
Azizi expected Dubai to be at the forefront of global markets in terms of achieving a clear recovery and recovering from the repercussions of the virus, with the real estate sector returning to the path of growth, and we expect a strong increase in demand and sales in the fourth quarter 2020.
He added, "It is our responsibility to act in accordance with these initiatives, and take advantage of them to enhance demand, using the best means to meet the needs of buyers in a manner consistent with the current global situation."
Implementing projects
For his part, Mohamed bin Ghati, the executive director of "Bin Ghati Holding Company" said that "work is in full swing to implement projects and deliver them according to the approved schedules of projects", pointing out that despite the severe conditions experienced by the market currently on the developer, due to Virus precautions, work on projects has not stopped.
He added: “Based on the economic activity the country is witnessing, I believe that the real estate market in the UAE is witnessing a very positive improvement, especially since most of the projects that were launched recently offer very reasonable prices and offer buyers, whether they are end users or investors, opportunities that were not available. To them before. ”
Implementation and delivery
For his part, the CEO of the "Al-Walid Investment Group", Mohamed Al-Mutawa, stressed that "with regard to the company's projects, there is no delay by the company in implementation and delivery," noting that some developers may have delay in delivery, but the matter is beyond the developer’s will This is because the delays are related to the presence of coercive conditions in the markets, and the investor is required to be patient, and to give the developer ample opportunity for implementation and delivery.
Health crisis
In turn, the real estate expert, Mohamed Hareb, said that «with regard to the progress of projects, especially in light of the health crisis, some projects were reduced in employment, during the period of the national sterilization program, and because of social divergence, by a rate ranging between 30 and 50%, and this may Causes delay in delivering projects under construction, and indeed some developer companies have sent a notice to dealers that the project will be delayed for a period of between two and four months », demanding that the matter should be clarified by the real estate developer to investors more transparently.
Project delivery
In the same context, the real estate expert, Hisham Al-Assaad, said that, “In general, the developers are obliged to deliver the projects that were sold on the map. In addition, the projects that are in an advanced stage of construction or are about to be completed, their work must be accelerated, so that the developer can From strengthening his financial position and reaping returns, whether in terms of customer sales or rental income. ”
He added: «There is a positive view by the year 2021, across the various sectors, but the only concern that we may have, especially if the project is at an early stage of construction, is the lack of commitment to financial dues, whether from the investor’s or developer’s side, which negatively affects delivery The project, or the stages of construction progress, and the developer must clarify the reality of the situation for the investor, so that he feels safe, by giving him the reasons for the delay in the project ».
Expected delay
In turn, Alaa Massoud, General Manager of Sales and Marketing at Al-Rowad Real Estate Company, said that “the delay is expected, because many contractors have a problem in obtaining raw materials, in conjunction with the closure associated with the current health conditions, as well as reducing employment and time Work », stressing that there is an expected delay in the percentage of completion and delivery of projects, and this is normal in light of the conditions that have been linked to the crisis.
The construction sector is fully operational all the time, despite the consequences of the Corona virus. À Archives