- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 03:59 05:25 12:20 15:41 19:10 20:36
Investors in Dubai's real estate sector can still achieve a minimum 15 per cent annual return on investment despite the slowdown in the sector, according to developer 32 Group Properties, the real estate arm of the 32 Group.
"We are not worried about the recession. What we see in Dubai is a global phenomenon. Only developers looking to make quick money will suffer today. Those with a long-term development plan are going to sustain themselves and have it good in this market," said Majid Pishyar, President and Chief Executive of the 32Group.
The 32 Group has 32 diversified businesses across the globe. The group currently has 11 projects in Dubai and a land bank across the UAE and said it has not taken any external loan to fund those 11 projects.
"When a company is strong in the market, they do not have to worry about loans from the bank. We are doing fine as a developer and we think the market is still young and has a lot of prospects for future growth. So far we are totally self-funding our projects," said Pishyar.
The group is also looking to hire around 6,000 staff this year in order to ensure timely execution of its projects. "While other companies are firing people, we are looking to hire qualified people as we have faith in our projects and our developments," said Pishyar.
"As a developer, when the market was hot we did not want to grow very fast. We always follow a strategic plan in our projects, which has proved successful for us today," he said.
The 32 Group also denied that developer profits and margins were coming down as a result of the slow-down in the real estate sector.
"A developer always needs to keep reserves for any unseen event. If he has done proper feasibility studies, he can achieve growth even in times of a downturn," said Pishyar.
The 32 Group Properties is expected to offer easy payment plans to buyers who are in need of it.
"Most of our buyers have not had a problem repaying their leans," Pishyar said.
In January, 32 Group Properties completed the construction of the $120 million (Dh440.8m) Concorde Tower – a 45-storey waterfront residential tower consisting of studios, one and two bedroom apartments and duplexes in Jumeirah Lake Towers. Handover of the tower began last month.
The 32 Group Properties also deals with other facets of real estate services, such as residential and commercial rentals, hotel apartments, land investments and property management.
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