UAE realty Q1 results 'boost confidence in economy'

The decent gains held by listed UAE property companies during the first half reflect the positive sentiments prevailing in the Emirati realty market and corroborate investors' growing confidence despite global economic headwinds, said a report. "The UAE property market is forging ahead toward more maturity at the current stage, with property development companies exhibiting more flexibility to launch projects that meet growing demands among citizens and residents alike over certain categories of projects," stated Emirati news agency Wam, citing a real estate expert. Amer Al Omar Salim Al Mansoori, the board chairman of UAE Contractors Association attributed the market stability to the high investment returns provided by the real estate industry that amount to eight per cent annually. "The projects continued to be launched by the UAE government and private property companies effectively contribute to reviving the construction and contracting sector and incentivise Emirati companies working in this field to double their contributions to the urban development drive in the country," he noted. It's noteworthy that the approaching Cityscape Global in Dubai plays a significant role in reviving the market, serving as a barometer for the real estate industry in emerging markets, being one of the largest and most influential real estate events held globally, said Al Mansoori. The event supports real estate growth worldwide to an international audience, highlighting iconic architecture, significant developments and unparalleled investment opportunities