SLOW AND STEADY BUILDING TIMELINES ARE CRUCIAL

SHARJAH — Real estate developers across Sharjah need to ensure that they have a proper understanding of the demand from investors, so that they can set realistic building timelines for their projects, said Saeed Ghanim Al Suwaidi, chairman of the Real Estate Sector Business Groups at the Sharjah Chamber of Commerce & Industry.

Speaking to Khaleej Times at the opening of the Acres Real Estate Investment Exhibition (Acres 2019), Al Suwaidi described the real estate sector in Sharjah as a very unique offering.

“The real estate sector is known to have its ups and downs, but Sharjah is special in that its has remained stable for several years now. The new rules and regulations that have led to a maturity, and an opening of the market, have made it a very attractive investment destination.”

However, he cautioned developers against overzealous building targets that will flood the market with excessive supply. “We need to ensure that, as developers, we do the proper market research that sheds light on the nature of the demand. The population is increasing across the emirate, and this will drive demand; but, if developers see a slowdown in demand, then they have to look at the option of reducing the speed of their construction.”

He also noted that several developers had already taken this into account and launched megadevelopment projects in phases that span over several years. “We have seen developments that are due for handover in 2023 and this is the right approach; it has to be slow and steady.”