Privately owned property company Memon Investments expects the real estate sector in Dubai to pick up towards the end of 2009, stablise by 2010 and start to rise again in 2011.
“Indeed, we are also expecting the sector to continue to expand as developers find comfort in the drop of commodity prices and construction costs, which encourages them to push ahead with their projects,” said Muzammil Shaikhani, director, Memon Investments.
“Furthermore, the trend for real estate developers this year is leaning toward the completion of their projects first.”
Shaikhani believes the “UAE’s strong economic standing and the robust financial structure” will fuel major investor interest in the local real estate market.
“The Ajman Real Estate Regulatory Authority (ARERA) has instructed all developers who want to build projects in Ajman to register with them, according to the newly issued Emiri decree No 11, 2008, which is aimed at regulating the emirate's properties and construction sector.
“Under the agency’s regulations, all developers must have escrow bank accounts to protect the investors’ rights. The escrow account will be monitored by the agency and the bank management.”
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