HMG confident of UAE property turnaround in 2016

2/2/2016 11:53:29 PM

(MENAFN- Khaleej Times)

HMG Group a developer of luxury properties has chalked out an ambitious expansion strategy for 2016. The company claims it registered 60 per cent growth in the UAE in 2015.

HMG will announce a range of luxury real estate projects later this year aimed at the mid-market segment.

A top executive from HMG revealed that the UAE real estate market showed resilience in 2015 while global real estate markets reported steady or a slowdown in growth.

Mohammed bin Jawad Al Aradi HMG Group's vice-president and managing director said the group has been actively contributing to the growth of the UAE real estate market over the past years. "We ensure that our customers get maximum returns on their real estate investments" he said.

Al Aradi said sales of HMG's UAE properties were boosted by support offered by the group's network offices in Kuwait Bahrain Egypt and Lebanon. The network offices provided customers with end-to-end property services including sales consultation financial advice ownership documentation and handover.

He added that with the UAE government announcing infrastructure projects the property market was expected to witness further growth this year. "The spending on infrastructure projects announced by the government has been enormous. This is a step in the right direction that will contribute greatly to building an environment of positive investment here" he said.

"While many oil-producing countries have implemented austerity measures the Dubai government has allocated 36 per cent of its Dh46.1 billion budget towards revitalising the economy infrastructure and transport facilities. I am confident that the real estate market will greatly benefit from these projects" Al Aradi said.

Mohammed El Samad executive director of HMG UAE said demand for premium housing in the run-up to Expo 2020 will further boost appetite for real estate in the region.

He added that buyers can now choose from a range of properties at affordable prices.

"Prices for residential units stabilised in the second half of 2015. In addition banks are offering low-interest mortgage plans making it attractive for investors. We are also seeing an increase in investments by various developers in condominiums hotels and commercial projects and serviced apartments. All this bodes well for the region's real estate sector" he added.

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