Bloom Properties exceed expectations for latest project unveiled at Cityscape Abu Dhabi
Abu Dhabi, UAE, 14 April 2016
Record investment deals on the show floor of Abu Dhabi's largest property showcase have been reported for one UAE real estate developer, as the three day event draws to a successful close.
Dispelling recent concern over the apparent property market slowdown, Bloom Properties has announced that 70% of units in its new project, Faya, have been sold from its stand at Cityscape Abu Dhabi, a 20% increase on the forecasted sales by the team ahead of its participation in the exhibition, which concludes today (Thursday 14 April).
Sameh Muhtadi, CEO at Bloom Properties, said: "Whoever said that the real estate market is slowing down just needs to look around and see how busy it is. We have seen a much larger volume of sales than we expected. With our new project, Faya, we had hoped to sell 50% of the properties on the show floor. And at the half-way point of the exhibition, we have sold 70%.
"The yield for rents on the project stand at 8%, and considering that mortgage rates are 4%, investors will be able to pay off their mortgage and keep the remaining 4% in their pockets."
Faya is the fourth phase of Bloom Gardens comprising 132 townhouses located near to the Corniche Al Qurm and Khalifa Park in the UAE capital, and is scheduled to open in 2017.
Held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Cityscape Abu Dhabi offered more than 16,500 square metres of dedicated exhibition space where local and international developers showcased their latest residential, leisure, retail and hospitality projects.
Carlo Schmebri, Exhibition Manager at Informa Middle East, the show's organisers, said that the 10th anniversary edition of the show has been a huge success. "As the premier platform for businesses in the real estate industry, Cityscape Abu Dhabi has delivered tangible business benefits for both exhibitors showcasing their projects as well as buyers seeking unique investment opportunities," he said.
"The exhibition has continued to foster growth in the capital's property market and played a key role in offering real opportunities for companies from around the world presenting their ventures to our visitors."
Chestertons, an international residential property specialist, also reported promising investment deals from the local and international projects exhibited at their stand.
Declan McNaughton, Managing Director UAE, Chestertons MENA, said: "Our extensive product offering in Portugal and Spain, combined with "Golden Visa" opportunities, has ensured we've received a lot of interest from perspective investors. Our London portfolio has done similarly well; to the extent we already have customers flying to the UK and Europe to look at potential investment opportunities.
"Our Abu Dhabi portfolio has seen good numbers from the local market as has our exclusive Dubai offering, Springs Oasis Tower in Dubai Silicon Oasis - the guaranteed ROI and an attractive payment plan have been extremely well received."
Running on the first day of the exhibition, the third edition of the Abu Dhabi Market Overview conference, attracted more than 300 participants who discussed, analysed and debated the newly implemented Property Law and the upcoming real estate market trends.
Co-located with BRIDE Abu Dhabi for the first time, Cityscape Abu Dhabi has seen an increase in the number of female visitors, often cited as a household's main decision maker in the property purchase process.
The event was supported by Strategic Partner Department of Municipal Affairs and Transport (DMA&T), Platinum Sponsor Wahat Al Zaweya, Gold Sponsor Eshraq Properties and Silver Sponsor Masdar City. For more information, visit www.cityscapeabudhabi.com or call +9714 336 5161.
© Press Release 2016