2009 has been a nightmare for real estate

Mohammed Nimer of MAG has labelled 2009 an 'annus horribilis' for real estate.

The CEO of the UAE real estate developer MAG Group Property Development has said admitted that the real estate industry will be happy to see the back of 2009 and has called for confidence, consolidation and greater transparency in 2011

“With the onset of the financial crisis at the close of 2008, many of us in the property and real estate world expected 2009 to be one of the most challenging of modern times. It was certainly that - and then some!” said Mohammed Nimer.

In a forthright end of year message, Nimer added: “Most striking has been the extent to which 2009 has seen major global corporations taken down in size or even toppled as well as smaller players squeezed out of the market.

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“To paraphrase Queen Elizabeth II during the dark days for Britain’s royal family, the past year has been an ‘annus horribilis’ for many in the property business who woke up virtually every morning to a new issue.”

MAG Group Properties is part of the Dubai-based Moafaq Al Gaddah Group of Companies (MAG Group) and is currently involved in around AED 3 billion (US $800m) of developments in the UAE, with 12 projects at various stages of development across the residential, commercial and industrial sectors.

“It has been a rollercoaster ride for virtually all of 2009, not only in the Gulf but across the globe. However, there is no doubt that the psychological effect of coming to terms with a changed world will no doubt eventually filter through with a positive impact on the property market,” continued Nimer.