Thursday, September 04, 2008

The trend of mega developments continue to rise in UAE

Mega developments are here to stay, and will be the future standard for real estate development in the region, reports the Gulf News.

Mohammed Hussein Abdullah al Nemer, the Board Member and Chief Marketing Officer of Awali Real Estate Investments, stated that the rise of mega projects in the UAE realty sector, may be due to several factors, which are hoped to bring in demand and form the ideal platform for large-scale community developments, as against the smaller, single-purpose developments during the past.

The growing UAE economy, draws high numbers of new residents each year, and creates a knock-on impact on the property sector. This has led to massive surge in demand for high quality commercial and residential properties.

With the demand, comes the need for luxury, convenience, exclusivity, integrated community services, all of which could be expected from a modern life-style.

Mixed-use developments not only cater to the necessities of modern living, but also play a major role in the sustained development of the economy in the region, as the sheer volume of development is not only indicative of the vastness in the market, but, is also a major contributor to the growth in terms of job opportunity.

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