She emphasized that government incentives are currently paying off
Eman Development expects real estate prices to rise by 25% in 2023
Changing mortgage terms is one of the most important motivators.
archival
Ismail Marfani: "The UAE is a friendly environment for investors, and there is speed in obtaining the necessary approvals for projects."
picture
The director at Iman Real Estate Development Company, Ismail Marfani, said that the UAE has established a role model for all countries in dealing with the “Covid 19” pandemic, expecting the real estate market in Dubai to continue to rise gradually by 20 to 25% during the next year.
He added to "Emirates Today" that the state's handling of the pandemic was appreciated by all business sectors, especially "real estate", by taking the appropriate decisions at the right time, pointing out that at a time when most countries were closing their markets, the Emirates achieved success and excellence, and its markets experiencing growth.
world famous
Marvani continued: "The UAE has achieved global fame in its handling of the epidemic, and it is now reaping the benefits of this successful dealing through what we are witnessing in the growth of the economy and the prosperity of industrial sectors."
«Expo 2020 Dubai»
Marvani confirmed that "Expo 2020 Dubai" has increased the progress of the UAE on the global map of business, and trusted that Dubai is a prominent brand in the field of investment, as it is no longer just a city, but a globally known brand, and people are looking forward to investing in the emirate by purchasing Real estate in it, in addition to the move of many individuals and families to live in it, due to the great fame it received, especially after hosting the exhibition, and the remarkable success of implementing the event in light of the pandemic.
Mortgage Terms
Marvani saw that changing the mortgage terms was one of the most important incentives put forward by the government in light of the pandemic.
He said: “The end users were getting financing at 75% of the unit value from the bank, which was then adjusted to 80%, which made it easier for the end user to purchase the property.
The interest rate was also reduced, which had the greatest impact on driving demand in the real estate market in Dubai, and was positively reflected on real estate developers in enhancing their ability to launch real estate projects.
He stressed that the incentives provided by the government at that time are now bearing fruit, through the current high demand for real estate, and the announcement of new projects.
safe haven
Marvani said that Dubai has turned into a safe haven to live in the time of the pandemic, as many individuals have moved from India, Pakistan and Europe, at a time when the health situation in those countries was very poor, and for this reason many bought real estate in Dubai, which boosted the real estate market.
He added: "The UAE is characterized by an investor-friendly environment, in addition to the speed of obtaining the necessary approvals for residential projects or any other projects, which is the main factor behind the acceleration of construction operations in Dubai, where we as investors do not face any obstacles or delays in obtaining official approvals."
real estate prices
The director at Iman Real Estate Development pointed out that real estate prices in Dubai are undervalued.
He explained, "We expect that by next year real estate prices will reach their peak, as the real estate market in Dubai will continue to rise gradually by 20 to 25%," stressing that there is a great demand for real estate, while the new real estate supply will take some time to enter the market.
Regarding the company’s latest projects, Marvani said: “We launched (Oxford 212) last year, which is a project worth 130 million dirhams, and the fifth successful residential project for the company, which includes four completed projects in its portfolio, as well as three projects in the development stages.”
Follow our latest local and sports news and the latest political and economic developments via Google news