Reportage Properties sales surge 107% in first half as demand surges

Emirates: Reportage Properties on Monday said its first-half sales surged 107 per cent to Dh704 million as the investors and end-users purchased residential units amid fear of rising property prices.

Islam Ahmed Suleiman, chief executive of Reportage Properties, said that the robust sales during the first half of this year reflected the high performance and the attractiveness of the company’s projects, as well as the strength and stability of the UAE real estate sector and its ability to overcome challenges related to the repercussions of the Covid-19 pandemic.

Reportage Properties achieved sales of Dh812 million in 2020, a growth of 125 per cent compared to 2019.

The company’s real estate revenues topped Dhs22 million during a sales day event that was organised in early July in Abu Dhabi.

Reportage Properties is developing 11 projects, providing about 5,000 housing units within the most important investment sites in Abu Dhabi and Dubai, in addition to a project that has been completed and delivered in Masdar City in Abu Dhabi.

Suleiman pointed to the progress of construction works in all projects, despite the challenges of the pandemic. He confirmed commitment to completing the projects on schedule, which boosted their customers confidence, and contributed to the boosting demand.

He emphasised the importance of the recent launch of the ‘Montenapoleone’ project, which is the company’s first project outside the UAE. The move reflects the stability and strength of the company's financial position, and its ability to develop more new projects inside and outside the UAE.

Sulieman stressed the high demand from large segments of customers to for residential units in the project, especially in light of the remarkable positive developments in the Egyptian real estate sector currently.