TASWEEK Real Estate Development and Marketing, an advisor and solutions provider serving the Middle East real estate markets, provided valuable insights on the status of the MENA region’s property industry, particularly the residential sector, during a panel speech delivered last October 5, 2010, the second day of Cityscape Global which ran from October 4 to 7, 2010 at the Dubai International Exhibition Centre. In his speech, TASWEEK CEO Masood Al Awar discussed demand and supply factors, the history of the region’s residential markets and future opportunities. He explained that property consumer fundamentals in the region have to be satisfied to rebuild the region’s residential markets. He specifically identified cheaper financing, easier repayments and better value for service as key goals. Al Awar also noted that current demand and supply figures do not reflect the market needs and customer demand for property market fundamentals. He added that MENA countries exhibiting positive demand and real estate returns offer the best business and investment prospects. He named Morocco, Lebanon and Egypt in particular as excellent markets. “While there is significant room for real estate growth throughout the MENA markets, industry needs to learn more about the unique characteristics of each target country and potential partner. It is important to study aspects such as the quality of partnerships, local customer needs and government initiatives affecting business. There has to be a detailed plan to move forward as the MENA region gains a more strategic position over the global real estate markets,” said Al Awar. TASWEEK received project offers representing credible partnerships in Healthcare, Tourism, Hospitality and Entertainment promising returns of over 25 per cent during Cityscape Global. Formerly known as Cityscape Dubai, Cityscape Global gathered more than 200 exhibiting developers and service providers to explore this year’s key themes of Global Opportunities, Investment Security, and Regional Growth. TASWEEK considers Lebanon an excellent property market based on the 41 per cent increase in property sales it posted during 1st quarter 2010 over the first three months of 2009. The country set a new record by closing 22,000 property transactions worth USD2.1 billion during the period. Analysts predict that lower interest rates, state housing assistance schemes and looser loan restrictions will drive strong real estate performance throughout this year. Egypt is also recommended for its emerging property market in strategic tourist locations. The country offers property price returns of up to 30 per cent per annum in certain locations, easy access to some of the top international travel destinations, and zero capital gains tax, among other incentives. These are all backed by solid economic growth and political stability. Morocco’s appeal, on the other hand, lies in its competitively-priced leisure properties which are around 50 per cent less than in other European locations; waiving of property tax during the first five years; attractive Mediterranean climate; and the positive industry effects of its Vision 2010 tourism campaign, to name a few. Through over 20 years of experience in innovation and leadership, TASWEEK Real Estate Development and Marketing, achieved a 5 per cent increase in shareholders’ equity when it began commercial activities in 2009. The company’s expertise covers Purchase and Sale of Strategic Assets; Asset Management; Joint Ventures and Strategic Alliances; and Marketing Consultancy.
