Lootah Real Estate Development (LRED), one of Dubai’s leading property developers and real estate service providers dealing in master-planned, mixed-use communities, and innovative lifestyle developments has reported a surge of 450 percent in sales in the first quarter of 2021 compared to the same period last year.
The long-standing real estate developer has stated its total sales reached record quarterly amounts, increasing a massive 2400 per cent compared to the sales of the last quarter of 2020.
Raja Alameddine, CEO, Lootah Real Estate Development, commented, “Our aim is to help our customers unlock the value of capital through real estate investments for residential and commercial purposes. Our strong, diverse and high-quality portfolio along with the resilient attitude of our operations and sales team has resulted in outstanding financial performance in the first quarter of 2021.”
“We are extremely optimistic about our ongoing projects scheduled to launch in the third and fourth quarter of 2021 and our expansion plans in the rest of the United Arab Emirates and the region to further enhance the quality of our portfolio. The team is dedicated to keep this positive momentum going which will help us maintain the financial strength and flexibility, and add value for our stakeholders,” added Raja.
Under the senior leadership team, Lootah Real Estate Development delivered many ongoing projects and revived a few that were stalled because of the pandemic. The development arm has sold out all the available units at Shamal Terraces and Shamal Residences, 2 multi-building complexes in JVC, Living Gardens – a lifestyle focused community in JVC, all available units at Ewan Residence – a family-oriented community designed to cater to the needs of residents and provide them with an enriching living experience and a plot for development in JVC. Additionally, 100 percent of units are now rented and occupied in Edge Building and Ewan Residence.
Driven by robust government measures, fiscal incentives and social reforms, the UAE’s real estate market has witnessed a seismic shift. The market is enticing buyers to take an advantage of decade-low prices and easy financing to accommodate Covid led lifestyle changes. According to a research from real estate consultants Valustrat’s index, average residential property prices in Dubai have increased by up to 5.4 percent so far in 2021 following further growth in May.