Expert: Real estate boom in Dubai to continue
Ahmad Saeed, The general manager of Al-Fatan Real Estate Company, which participated at the International Real Estate and Investment Show 2005, estimates that the real estates boom in Dubai will last for the next several years, with the growing needs in large areas for offices, commercial stores and housing units.
He said that Al-Fatan has 500 requests in its waiting list for purchasing of commercial offices from local and international companies, and unfortunately it can not meet all of them at present, reported the Emirates newspaper, Al-Bayan. Saeed added that the permission to foreign people to own real estates in Dubai contributed to the boom it faces now.
According to Saeed, his company intends to accomplish large real estate projects during the next five years by total costs of Dh 5 billion ($1.36 billion) in the Emirate of Dubai. During next September the company will accomplish the Marine Towers project, which includes two towers of 51 floors each. The sales of the project's units surpass the exceptions, according to Saeed, and expected to end in April. The company intends also to start building Saif resort and hotel in the Palm Island, which will be accomplished within 20 months and is offered in a tender at present.
The company will also accomplish apartment tower of 50 floors, and office tower of 15 floors, to be ready in 2007. It is possible to pay for these projects in installments through "Amlak" company, while 20% is paid in cash and 80% is paid through a period ranged between 15 to 20 years.