MAG Development, the real estate development arm of MAG Holding Group, has announced that all its construction works are moving at full speed despite some interval halts due to the repercussions of the Covid-19 pandemic.

The Dubai developer pointed out that demand for Dubai real estate continues to keep pace with customers' desires, and that the crisis has shown profound transformation in the real estate developments.
 
The sector overlooks private spaces dedicated to closed gardens, places for play and entertainment, in addition to maximising the role of digital "contactless" technology in new buildings, it stated.
As one of the prominent real estate companies operating in Dubai, the UAE and the region, MAG Development believes that developers would benefit from the Covid-19 crisis investment opportunities in new areas out of the city, while being freed from abiding to the workplace.
 
Dubai will remain the region's best destination for real estate investments after Covid-19, stated MAG Development CEO Talal Moafaq Al Gaddah.
 
"Around 95% of our investments will be concentrated in Dubai, as we have great confidence in the future of investment in the emirate’s real estate sector," he added.
These investments, he said, reflect betting on promising future chances regionally and globally, while foreign investments in Dubai does not exceed 5%.
 
According to him, Dubai is immune to the crises, thanks to its economic diversity and the rational economic policies pursued by the government.
 
The crisis has stimulated real estate developers to provide various price cuts and unprecedented facilities, which encouraged the Emirati citizens to turn out strongly to become the main driver of demand for local real estate deals due to attractive prices.
The CEO cited its "townhouse" offers during July in partnership with W Capital, which got sold out within 24 hours of launch.
"That was a proof of great confidence in the company's projects as well as the investors’ perfusion to benefit from good prices.
 
He pointed out that MAG Development projects are proceeding on schedule, and not affected by the repercussions of the crisis. The board of directors determined to complete all projects and continue work in spite of some delay due to the crisis.
MAG City project was recently launched in Al Maidan District 7 at Muhammad Bin Rashid City in Dubai.-TradeArabia News Service

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