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Deyaar adds 2,600 units

Deyaar said majority of new contracts were secured in Abu Dhabi, Dubai, Sharjah and Ajman.

By Staff

Property developer and management firm Deyaar Development added 2,600 new units to its property and asset management portfolio in 2013, bringing the total tally to 20,369 units, the Dubai-based firm disclosed today to the Dubai Financial Market, where its shares are listed.

A majority of the new contracts have been secured in Abu Dhabi, Dubai, Sharjah and Ajman, the firm noted, while a growing interest among landlords in Al Ain, Ras Al Khaimah and Fujeirah has also contributed to the upturn in Deyaar’s division, it noted.

The rental earnings from these properties grossed over Dh650 million in 2013, it said.

Deyaar’s announcement comes at a time when the UAE real estate market is witnessing clear signs of buoyancy, with analysts estimating between 7 to 10 per cent increase in residential stock in 2014, in prime markets such as Dubai and Abu Dhabi. In the commercial sector, 2014 is expected to usher in office gross leasable area (GLA) of 12 to 16 per cent in the same markets.

Dr. Rashid Abdulla Al Haji, Vice-President of Property and Asset Management at Deyaar, said: “Deyaar has invested heavily to ensure we deliver the best quality services across the properties we own, as well as those that have been contracted to us. We understand the importance of catering to the needs of both the landlord and the tenant through a well-defined process and with the support of a dedicated team of professionals.

“The real estate market in the UAE is growing exponentially yet again and we have witnessed a surge in interest for our services. Given this favourable environment, we are confident that our division of quality property management will register a definite surge in operations in 2014.”