Dubai property company Nakheel has not reported a slip in residential property costs in any of its assignments, president Ali Rashid stated on Monday. “We did see a lag in revenue throughout the last half of this past year, but we haven’t experienced a fall in pricing. We've been still providing at the old costs,” Rashid told journalists. “Furthermore, all our selling are cash financial transactions, so we are mortgage free. We have good customers, who pick with their revenue.” In addition, he revealed that a majority of of the brokers happened to be end users. “The marketplace is this time very different from the earlier days,” he added. Residential property prices in Dubai watched a massive increase in 2012 and 2013, after the crash in 2009, then again have begun levelling off in the past few months, say experts. Based on to the Dubai Property Department, the sheer number of residential deals dropped thirty % last year, with prices reduced 14 per cent. “Typical prices and renting in the residential sector seem to have stabilised over the current season, with a few areas registering limited declines,” property consultant JLL said in a claim this week. Nakheel the Dubai property company that posted a 43 % increase in net revenue for 2014 continues centering highly on increasing its retail, renting and hospitality businesses. Revenue because of these sections is anticipated to increase from Dhs1.3 billion from 2014 to Dhs7.5 billion to 2017, when a lot of the assignments are expected to be finalized, Rashid said. The business is looking to develop its domestic renting strategy starting 17,000 to 30,000 units by 2017, whilst its leasable retail space area throughout very same phase is projected to progress from 2.5 million sqft to 10 mil sqft. With a concentration on completing these developments, Rashid affirmed there are no intentions to release new residential projects for sale at this time by the Dubai property company.
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October 2019
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