Meilenstein, a Germany-based real estate developer, has announced its foray in the UAE’s real estate market with eight projects with a development value exceeding AED1.2 billion ($327 million).
The projects are to be built in several locations across Dubai, including Mohammed Bin Rashid City (MBR City) within Meydan City, Al Furjan, Dubai Studio City and Dubai Sports City, the company said in a statement.
It added that it has already invested AED500 million in company formation, office set up, talent acquisition, land acquisition, infrastructure and other ground works in the UAE.
“We are going to invest a further AED2 billion in developing projects in 2018 and 2019 and the numbers will then go up once we start building the projects and selling the properties,” said Jawad Azizi, managing director of Meilenstein Developments who is a son of Mirwais Azizi, chairman and founder of Azizi Group and Azizi Developments.
“Meilenstein Developments is entering in the UAE market at a time when the real estate sector achieved a high level of maturity backed up with a regulatory environment that protects property buyers, investors, developers and brokers and with a high level of transparency and accountability.
"We will bring German quality in building management to ensure durability and longer life in each project that we build that will strengthen the investor appetite for quality homes.”
The move comes as land transaction value in Dubai exceeded $44 billion in the first nine months of the year, according to Dubai Land Department.
“This is perhaps the best time to enter in Dubai’s real estate market where we see a large number of foreign investors are entering to take advantage of high rental yield,” Azizi added.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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