The founder and chairman of the Chuba Real Estate Group, PNC Menon, said that there is a feeling of optimism towards the year 2020, in conjunction with the proximity of the organization of the Expo 2020 Dubai exhibition, pointing out that the expectations show a positive trend in the real estate sector, as the market has already witnessed Real activity and growth before the exhibition starts, which will continue in the coming months.
He assured "Emirates Today" that "Expo 2020 Dubai" is an opportunity to shed more light on Dubai real estate products and unique offers.
The Chairman of the Board of Directors of «Soba» expected that the exhibition will bring a large number of visitors, in addition to new investments and projects that will provide job opportunities and demand for housing units, indicating the possibility of a demand for luxury real estate products in Dubai.
Offers and stability
Menon said that the attractive offers in the Dubai real estate market will increase the interest of these investors, and others who are interested in the price factor, as they are expected to tend to real estate investment in Dubai, due to the current periodic decline in real estate prices, as a result of the new supply.
He attributed the interest of the foreign investor in Dubai to the emirate’s efforts, as it has established a global position for itself, as it is an ideal destination for real estate investment, in which it offers buyers a large number of incentives that meet their needs, compared to other global markets.
He stressed that the investment is strongly linked to stability, which Dubai provides thanks to its leadership, as well as security and safety for both residents and visitors alike, pointing out that all of these factors encourage investment.
Menon pointed out that the real estate market in Dubai is famous for its various offers with varying prices and sizes ranging from studio to major palaces, and therefore it provides buyers with a wide range of options to choose what suits them, stressing that Dubai has made a special place for luxury real estate offers, Its name has become synonymous with quality, beauty, design and innovation.
Development projects
Menon stressed that development projects with different uses are among the most important real estate products that will be among the interests of these investors, as these projects provide a comprehensive and attractive experience, and allow easy access to services and requirements necessary for a comfortable and comfortable living.
The Chairman of the Board of Directors of “Soba” called on real estate developers in Dubai to evaluate and explore ways to improve the overall living experience, in order to maintain competitiveness. He said: «The house is no longer viewed as just a stone building, but its importance lies in the amount of amenities and calm it provides, with important facilities, such as schools, restaurants, shops and medical centers in close proximity to it.
He pointed out that the demand for housing units for the middle and luxury categories will be balanced, given the presence of the investor who is interested in both products.
Legislative structure
Menon considered the legislative structure and laws as one of the most important incentives for the real estate investor. He said: «During the past few years, Dubai has instituted a number of legislative reforms, to stimulate foreign investment and raise the level of ease in doing business. These reforms have strengthened its position as a global center for real estate investment, and created more interest in the market.
He added: «We are now witnessing the impact of these incentives and their contribution to the maturity of the real estate market. And a short time ago, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the establishment of the Supreme Committee for Real Estate Planning to establish a balance between supply and demand, maintain the diversity of projects, and ensure that these projects provide added value.
He pointed to the launch of the Dubai Land and Property Department initiative "Investment opportunities in the real estate sector", to enhance the emirate's position in terms of investment and competitiveness, and to attract new investments in the real estate sector, expressing his confidence that the initiative will move the market in the right direction, and pushes investors to focus on the excellence of their offers. And maintain the quality of the products in the market.
He continued: "As happened in previous initiatives, we will definitely see the positive impact of modern legislation in the coming years."
2.08 billion dirhams sales of «Soba Hartland»
The founder and chairman of the Soba Real Estate Group, PNC Menon, said that the recent figures of sales of the Soba Real Estate Group show a good performance, as in 2019 the group was able to achieve sales of 2.085 billion dirhams in the "Soba Hartland" project.
This was considered a very strong indication of the success of the main group project in Dubai, and a sign that the real estate sector in Dubai is still receiving a high demand, whether from local or international buyers from China, India, the United Kingdom and others.
He expected the market to see more positive results in the real estate deals in 2020.
The attractive offers on the Dubai real estate market will increase the interest of new investors who will be attracted by the exhibition.
The Dubai real estate market is famous for its varied exhibits of varying prices and sizes ranging from studio to mansions.