More and more UAE-based property developers are looking towards Europe in order to establish their presence and grow as land prices in that part of the world are still reasonable, according to sources in the industry.
Even as more companies are interested in eastern European countries, Al Manal Group is embarking on its second project in Geneva, in the County of Cessy. "This is not going to be a very big project and will not have high-rise buildings," Juma Al Ghurair, chairman of Al Manal Group had told The Business Weekly some time ago.
Another Dubai-based developer, which specializes in high-rise buildings, had chalked out plans to enter the Romanian market. However, The Business Weekly could not verify the status of its plans.
Sheffield Real Estate, which has already completed projects worth about Dh500 million and undertaken various other projects worth about Dh3 billion in the UAE, has decided to enter select eastern European markets.
Abuali Malik Shroff, managing director of Sheffield, told TBW that his company is currently on the look-out for land in those countries to develop condominiums and by mid-2008, he hopes to commence construction work.
One of the main reasons for the newfound appeal for eastern European markets is that some of these countries are set to join the European Union as the EU is in the process of expanding.
Already, Bulgaria and Romania have been admitted to the Union. Shroff said the land prices are very reasonable in these countries and getting land doesn't involve much hassles. "You can buy directly from the government or private parties and I am sure there will be good demand for good property projects, at least for the coming few years," he added.
However, Shroff added that his eastern European projects are not likely to be long-term. He plans to invest about $250 million to $300 million over a period of five years. Though eastern Europe could be a new trend, the UAE property companies have long been establishing their presence in markets such as India, Pakistan, Egypt, Morocco and Saudi Arabia.
While Emaar was the first major company to have spread its wings outside the UAE, it was followed by several other companies including Nakheel and DAMAC Properties. Source
Even as more companies are interested in eastern European countries, Al Manal Group is embarking on its second project in Geneva, in the County of Cessy. "This is not going to be a very big project and will not have high-rise buildings," Juma Al Ghurair, chairman of Al Manal Group had told The Business Weekly some time ago.
Another Dubai-based developer, which specializes in high-rise buildings, had chalked out plans to enter the Romanian market. However, The Business Weekly could not verify the status of its plans.
Sheffield Real Estate, which has already completed projects worth about Dh500 million and undertaken various other projects worth about Dh3 billion in the UAE, has decided to enter select eastern European markets.
Abuali Malik Shroff, managing director of Sheffield, told TBW that his company is currently on the look-out for land in those countries to develop condominiums and by mid-2008, he hopes to commence construction work.
One of the main reasons for the newfound appeal for eastern European markets is that some of these countries are set to join the European Union as the EU is in the process of expanding.
Already, Bulgaria and Romania have been admitted to the Union. Shroff said the land prices are very reasonable in these countries and getting land doesn't involve much hassles. "You can buy directly from the government or private parties and I am sure there will be good demand for good property projects, at least for the coming few years," he added.
However, Shroff added that his eastern European projects are not likely to be long-term. He plans to invest about $250 million to $300 million over a period of five years. Though eastern Europe could be a new trend, the UAE property companies have long been establishing their presence in markets such as India, Pakistan, Egypt, Morocco and Saudi Arabia.
While Emaar was the first major company to have spread its wings outside the UAE, it was followed by several other companies including Nakheel and DAMAC Properties. Source
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