HMG confident of turnaround in UAE real estate market in 2016

Dubai - MENA Herald: HMG Group, a leading developer of international luxury properties, has chalked out an ambitious expansion strategy for 2016, emphasizing that its optimism was based on its 60% growth in the UAE reported during the previous year.
HMG will be concentrating on growing its UAE operations in 2016 by announcing a range of luxury real estate projects later this year aimed at the mid-market segment. A top official from HMG revealed that the UAE real estate market showed unexpected resilience in 2015 while global real estate market reported steady or slowdown in growth.
Mohammed Bin Jawad Al-Aradi, HMG’s Group Vice President and Managing Director, pointed out that the group has been actively contributing to the growth of the UAE real estate market over the past years. “We are proud to be an important part of the country’s real estate market, by offering the full range of property sectors and ensuring that our customers here get maximum returns on their real estate investments,” he said.
Al-Aradi pointed out that sales of HMG’s UAE properties were further boosted by unprecedented support offered by the group’s network offices in Kuwait, Bahrain, Egypt and Lebanon. The network offices provided the customers with complete end-to-end property services, including sales consultation, financial advice, ownership documentation and handover.
He added that with the UAE government announcing significant infrastructure projects, the country’s real estate market was expected to witness further growth this year. “The spending on infrastructure projects announced by the government has been enormous and we believe that this is a step in the right direction that will contribute greatly to building an environment of positive investment here,” he said.
"While many oil-producing countries have implemented austerity measures, the Dubai government has allocated 36% of its total AED 46.1 billion budget towards revitalizing the economy, infrastructure and transport facilities. I am confident that the real estate market will greatly benefit from these projects,” Al Aradi said.
Mohammed El-Samad, Executive Director of HMG UAE, said the greater demand for premium housing in the run-up to Expo 2020 will further boost the real estate demand in the region. He added that buyers can now choose from a staggering range of properties at affordable prices.
“Prices for residential units stabilized in the second half of 2015. In addition, banks are offering low-interest mortgage plans, making it attractive for investors. We are also seeing an increase in investments by various developers in condominiums, hotels and commercial projects, and serviced apartments. All this bodes well for the region’s real estate sector,” he added.