The chairman of Mag real estate group “Moafaq Al-Gaddah” explaining launching of the new real estate project in Dubai within the next period, this project includes between 5000 to 6000 residential units as well as a commercial part which is located an integrated city.
He declared to emirate alyoum newspaper during global future boards events that the new project will contribute to raising the total investments of the group to 10 billion dirhams compared to 7 billion dirhams of under construction only.
Also, he explained that Dubai’s real estate becomes more realistic in the real time, he refers to that after the occurrence of filtration on the market the customer becomes real and the developer too, besides a balance between supply and demand. Al-Gaddah said that the new supply is suitable to market size and the current price is realistic prices for the buyer and the developer who gets a percentage of reasonable profit.
He said that there are new foreign investments enter the real estate market in Dubai especially from Saudi Arabia Bahrain investment funds for the Arabian region, also there is a demand from German, Italian, American markets.