The different approaches taken by the UAE and Europe to address economic challenges provide valuable insights on the future of their respective real estate sectors, according to Masood Al Awar, CEO of TASWEEK Real Estate Marketing and Development.
Lending his thoughts while attending MIPIM 2013, the latest edition of the leading real estate event for property professionals held recently in France, Masood explained that the UAE Government played a major role in fast-tracking recovery after the global recession hit in 2008. He added that returns on investment are higher in the UAE compared to Europe when taking taxation into consideration.
Masood also noted that the fundamentals of European real estate are strong, thus positioning industry for good recovery potential. The TASWEEK head further emphasized the need for enhanced real estate laws and legislations that can help maximize upcoming opportunities amidst today’s changing property landscape. He remarked as well that UAE investors bought almost USD 1.3 billion of commercial property in Europe during the second half of 2012, representing 3 per cent of cross-border commercial property purchases across the continent for the period. This is a strong indicator that the UAE and Europe will continue to capitalize on real estate opportunities despite the latter’s financial challenges.
“Real estate stakeholders in the UAE and across the Middle East would benefit from a clearer understanding of Europe’s current economic conditions and market movements that impact the future of doing business with the continent. This will enable them to capitalize on opportunities presented during platforms such as MIPIM, which offered a venue for interacting with more than 1,850 exhibiting companies and 4,000 investors representing over 80 countries. MIPIM provided a strong pulse of the global real estate community which TASWEEK is eager to translate into strong business prospects for the UAE,” said Al Awar.
TASWEEK Real Estate Development and Marketing is an advisor and solutions provider primarily serving the Middle Eastern real estate markets. The company posted its fourth straight year of profit growth in 2012, driven by the core competencies of networking and know-how. TASWEEK’s comprehensive service portfolio covers Purchase and Sale of Strategic Assets; Asset Management; Joint Ventures and Strategic Alliances; and Marketing Consultancy.