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Govt to Infuse Liquidity into Real Estate Sector
ABU DHABI - Member of the Abu Dhabi Executive Council Shaikh Dr Sultan bin Khalifa bin Zayed Al Nahyan has disclosed that the real estate sector in Abu Dhabi will revive within three months with the implementation of the government’s plan to infuse more liquidity into the sector through banks.
Responding to questions from reporters on Tuesday after inaugurating the Abu Dhabi Real Estate and Investment Show, IREIS 2009, being organised here by Domes Exhibition, Shaikh Dr Sultan bin Khalifa bin Zayed Al Nahyan said: “No doubt this is a crisis period for the real estate sector. But this is a global phenomenon. The sector will however be revived here within three months. The government will infuse more liquidity into the sector through banks. The banks are currently working out the modalities,’’ he said.
Shaikh Dr Sultan, however, did not give the details of the credit infusion plan for reviving the real estate sector.
Pointing out that the infusion of liquidity will help both the developers and buyers, he said this was a good time to buy properties because the prices were now very attractive.
Antoine Georges, director of Dome Exhibition, said both the government and the central bank in the UAE were trying to ease the liquidity position in the real estate sector through several measures. The sector has started showing some signs of revival since the beginning of the year because of such measures.
The Banks are now giving loans to the developers and customers, though they charge a slightly high interest rate. Some of the developers have worked out innovative financing mechanisms to support their customers in collaboration with the banks. There are possibilities that the government and the central bank willconsider reducing the interest rates for augmenting liquidity in the market, he said.
Different segments of customers and developers seem to be facing different problems, and the banks are known to be working out innovative solutions to each of them. All these indicate that the real estate sector here is likely to revive very soon, Georges said.
About 100 realty firms from 10 countries in the region are showcasing their products at the three-day exhibition. Egypt and Morocco have country pavilions at the expo. A series of seminars on real estate-related topics are also being arranged as part of the event.
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