UAE real estate industry hopes for earlier revival

The uncertain conditions of the economic market due to global financial crisis adversely impacted real estate segment across the world in general and UAE in particular. Industry, still under pressure due to low demand, has been waiting for the time it had witnessed before the beginning of global financial crisis.

Mohammed Nimer, the CEO of the UAE real estate developer MAG Group Property Development admitted the challenging market conditions in 2009 and hoped that the coming year would bring cheer for the real estate industry by boosting investor's confidence.

Nimer added, "With the onset of the financial crisis at the close of 2008, many of us in the property and real estate world expected 2009 to be one of the most challenging of modern times. It was certainly that - and then some."

Nimer further said that developers are trying their best to retain their existing investors making prices more affordable for them. Many developers including MAG Group Property Development, CHI Development Group and Tiger Properties-Dubai have been offering huge discounts to push sale in light of the prevailing market conditions.