Mortgage financing has filliped the Abu Dhabi real estate industry, following a downturn in the sector that was brought about by the 2008-2009 global economic crisis, the CEO of property advisory firm -
Tasweek Real Estate Marketing and Development - Masood al Awar, has said.
In an interview with Alrroya.com, Al Awar said that the property sector in the UAE’s capital managed to ride out the storm due to strong fundamentals and easy availability of funds for investors.
“Liquidity in the market coupled with strong fundamentals has continued to buoy Abu Dhabi’s real estate, where it has continued to be vibrant and attractive to both local and international investors,” he said.
He however called on sound regulatory policies and frameworks to be put in place, in order to further streamline the local mortgage system.
“Relevant legislative laws need to be identified and implemented in order to ensure sustainable mortgage financing and that would benefit all the players involved in property transactions, including investors and developers,” Al Awar said, adding, “New dynamics call for adoption of fresh strategies and therefore industry stakeholders need to understand the current trends and adjust accordingly.”
According to the executive, the UAE’s property sector has matured and is positioned towards steady recovery, in tandem with international markets.
“High class infrastructure and developments in the UAE were planned and paced well, and the country’s solid financial resources make for a good investment environment,” Al Awar said.
Tasweek’s expansion goes a notch higher
Early this year,
Tasweek released a market study on Abu Dhabi’s real estate sector, which showed the emirate has continued to witness an increase in property supply levels as demand in the emirate remains upbeat.
“Property development in Abu Dhabi is around two to three years behind Dubai and this is one of the key reasons why demand has been more robust in the UAE capital compared to Dubai,” it stated. It added that there are still signs of falling rental rates and reduced property transactions, “Nonetheless, all indicators point towards the maturity of the real estate sector in a positive way, which is shaping up fundamentals of retain on investment for the real estate industry.”
As a firm that deals mainly with real estate marketing and development, Tasweek has not started mortgage financing, however, Al Awar revealed to Alrroya.com plans to become a fully fledged mortgage financing institution, later this year.
He however, did not specify the likely date when it would happen, only mentioning that plans are at an advanced stage, adding that the firm will likely enter into partnership with another company for the venture.
Tasweek has recently been on a charm offensive, entering into partnership with a number of firms in a quest to widen its property portfolio.
In January this year, the firm signed a Memorandum of Understanding with a UK-based chartered surveying practice called MERJS, where, according to the deal,
Tasweek would be allowed to solicit business opportunities related to assets and property management offered by MERJS, and profitably manage commercial operations together.
“Our new partnership with one of London’s leading property firms will enable us to expand our world-class assets and property management services to the UAE,” Al Awar said at the time, adding that “By consolidating Tasweek’s strengths, the firm would have the opportunity to strategically position itself as the UAE’s real estate sector prepares for steady and mature growth in 2011 and beyond.”
MERJS Ltd is one of London’s bespoke chartered surveyors, boasting key property clients such the Burlington Arcade, Polo Ralph Lauren, Cartier and Mikimoto buildings, located in the city’s Bond street.
Bridging the gap between investors and developers
Similarly, last month Tasweek partnered with international holding company, the Haanz Group, to help introduce the specialties of the group’s various companies to the UAE real estate industry. Haanz Group deals in health and wellness, power generation, real estate development and renewable energy. The partnership will initially focus on bringing healthcare expertise in the country, via Haaz’s US-based Oasis Healthcare International.
“Through our expansion strategies, we aim set standards in the real estate sector to meet the growing demand for efficiency, while helping to bridge the gap and act as mediators between investors, developers and banks,” Al Awar said.
Tasweek capped last month by incorporating investment fund management to its long list of services, a move that would enable the firm to go beyond real estate and deliver solutions to various other industries including education and health.
Al Awar said he hopes the new offering would enhance investor and partner relationships with multi-cross-investment options, adding that “the opportunity would establish Tasweek as a premier investment fund service provider in the country.”
The young CEO who holds an MBA degree from the University of Glamorgan in Wales, UK, has had extensive experience in banking, government and real estate, with over 20 years of experience that has seen him work in a number of top ranking companies in the UAE and abroad.
Before taking the reins as Tasweek’s CEO, joining Tasweek as the CEO, he worked for two publicly-listed real estate companies,
Sorouh Real Estate PJSC in Abu Dhabi and
Emaar Properties in Dubai, where he help senior managerial positions.
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