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The company's total sales reached record quarterly amounts and grew by 2400 percent compared to the last quarter of 2020.
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 450 percent increase in sales in Q1 2021 compared to the same period last year.
The long-standing real estate developer has reported that total sales reached record quarterly amounts and grew by impressive 2400 percent compared to the sales of the last quarter of 2020.
Raja Alameddine, Lootah Real Estate Development's CEO, 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 United Arab Emirates and the region to further enhance the quality of our portfolio,' added Alameddine.
Led by experienced senior executives, Lootah Real Estate Development delivered many 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, two multi-building complexes in JVC, Living Gardens, a lifestyle community in JVC, Ewan Residence, a family-oriented community, and a plot for development in JVC. Moreover, 100 percent of units in Edge Building and Ewan Residence are now occupied by owners and tenants.
Thanks to robust government measures, fiscal incentives and social reforms, UAE’s real estate market has witnessed a significant shift. Buyers take advantage of decade-low prices and easy financing to accommodate lifestyle changes, induced by the coronavirus pandemic. According to a research from Valustrat’s real estate consultants, average residential property prices in Dubai have increased by up to 5.4 percent so far in 2021 following further growth in May.
