Punctuality and fire safety top Dubai investor priorities
It is important that the "number of important promises" made to investors by developers are fulfilled, an official from ARTAR Real Estate Development said
Timely handover and fire safety are among the top priorities of Dubai's investors.
These are the views of Eng Okbah Abdulkarim, the chief operating officer of ARTAR Real Estate Development, which is building the Mada Residences project in Dubai, construction on which is 80% complete.
Abdulkarim said that it is important that the "number of important promises" made to investors by developers are fulfilled.
He continued: "One of the most important promises is to meet the original delivery date, so people who invest through their payment plans don’t to lose money if their cash is tied up for longer than expected.
"More and more investors and end users are taking into consideration developers’ delivery record. This is mainly due the remarkable support and encouragement of government entities and official bodies associated with the implementation of projects."
Abdulkarim said the support of Dubai's government agencies – such as Dubai Municipality, Real Estate Regulatory Agency (RERA), Dubai Electricity and Water Authority (DEWA), Roads and Transport Authority (RTA), and Civil Defense – was instrumental to the emirate's real estate sector.
"Fire safety has become another key concern affecting buying decisions, and we expect to see many more building owners taking the initiative to use cladding that can withstand extreme temperatures.
"A whole multitude of factors can cause delays, but as we’re showing with Mada Residences, it is possible to overcome obstacles and hand over on time."
Mada Residences is a 36-storey luxury residential tower in Downtown Dubai, due for completion in 2018.
Founded in 1992, Abdul Rahman Saad Al-Rashid Co (ARTAR) is a Saudi Arabia-headquartered holding company, with business interests in the construction, real estate, and investment management sectors.
ARTAR Real Estate Development, its project development arm, is headquartered in Dubai.
Sulaiman Abdulrahman Al Rashid, the chief executive officer (CEO) of ARTAR Real Estate Development, was recently featured in Construction Week's Top 50 GCC Developers list (Construction Week #670).