The Dubai Financial Market General Index (DFMGI) lost by 0.31 per cent to reach 4,140.65 points on Sunday, March 9. Emaar Properties slipped by 0.44 per cent to AED9.01. Its local rival Deyaar declined by 1.57 per cent to AED1.25. Earlier in the day, Deyaar’s CEO, Saeed Al Qatami, announced the launch of The Atria – a luxury project featuring serviced apartments and residential units in the Business Bay district. The development, which will cost approximately AED900 million ($245.43 million), is also its first collaborative venture with internationally acclaimed interior designers, yoo Studio – a design team founded by property entrepreneur, John Hitchcox. “Besides luxury developments, Deyaar also has projects for building affordable homes in the pipeline, which it will launch soon,” says Al Qatami. Despite Deyaar shares having gained more than 273 per cent in the past 12 months, Al Qatami adds that he does not consider real estate shares to be in a bubble. “Investment in Dubai’s real estate market is broadly based on inflows from local, regional and international investors, and we anticipate further price increases in properties, especially in the Busines Bay area,” he concludes.
Sunday, March 9- 2014 @ 16:42 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.