UAE-based Reportage Properties has announced total sales of Dh260 million ($71 million) during the first four months despite Covid -19 challenges, Trade Arabia reported on Saturday.
The company is presently developing eight projects in Abu Dhabi and Dubai, which on completion, will provide about 3,150 housing units.
Reportage Properties, a leading real estate developer in the UAE, has announced total sales of Dh260 million ($71 million) during the first four months despite the Covid -19 challenges.
The January to April growth was impressive when compared to Dh480 million for the whole of 2019, said the top Emirati developer.
It is currently developing eight projects in Abu Dhabi and Dubai, which on completion, will provide about 3,150 housing units. Of this, 2,425 units will come up within the six Abu Dhabi projects, while the other units will be located within two projects in Dubai, it stated.
Group CEO Naser Alkhamees said: “We achieved good sales during the first five months despite the challenges related to the repercussions of the outbreak of Covid-19. This reflects the UAE real estate stability, and the continuous demand, especially for distinguished projects that provide high-quality services to investors.”
The local real estate sector can overcome the challenges of the current crisis, especially in light of the increasing investor confidence in the UAE real estate sector, noted Alkhamees.
He confirmed the group’s keenness to launch a number of innovative promotional offers that took into account the real estate market conditions nowadays.
“The offers boosted sales although the real estate market in Abu Dhabi and Dubai was affected by the tough conditions of shutdown, like all global markets, which means the Covid-19 effects in the UAE are limited, as a result of many economic incentives and initiatives being launched since the eruption of the crisis,” he stated.
He pointed out to the robust foreign and local investors’ demand, who try to seize the distinguished opportunities in the real estate market.
Alkhamees noted that recent data indicates strong sales in Abu Dhabi and Dubai during the first five months of this year, a period that coincided with the global outbreak of the new Coronavirus.
Citing data from Abu Dhabi Department of Municipalities and Transport, the top official said that the value of real estate transactions in Abu Dhabi increased during the first quarter by 22 percent to hit Dh19.2 billion, compared to about Dh15.8 billion last year.
Dubai real estate sales topped Dh24.75 billion from January 2020 to April, whereas data from the Dubai Land Department showed 12,105 sales transactions in the first four months of this year.
Alkhamees pointed out that Reportage was planning to provide more facilities in all their projects, in line with the market conditions during the current period besides offering flexible payment plans, exemption from some fees, as well as offering discounts on some units when paid in cash.
All the facilities comply with the rules and regulations in the UAE.
According to Alkhamees, brisk sales have also been witnessed at Reportage’s 370-unit luxury project, Alexis Tower in Downtown Jebel Ali Dubai as well as the “Rukan” project being developed in the “Dubailand” area in cooperation with “Continental Investment”. The project’s first phase consists of 349 villas.
He pointed out that sales in some major projects in Abu Dhabi were still robust.