Gulf housing market may lose edge


A study conducted by Sahara Media Consultancy in conjunction with the Washington-based Zogby Group has indicated that real estate developers’ fears in 2007 got higher comparatively to 2006 and even 80 percent much higher during the first three months of 2008 compared to the same period last year.

The study showed that developers and construction companies alike now hire and seek the help of international consultancy firms to work as their legal and financial advisors in order to protect their assets from property prices fluctuations, with consumers now bearing the brunt of soaring prices more than ever before. One major concern is that the region, especially Dubai, might lose its competitive advantage it used to enjoy in terms of attractive property prices in favor of other world markets. The property price hike in world major cities has often been used as a pretext by media to justify the continued price rises during the period from 2003 through 2007.

Sahara Group will participate in the Kuwait International Property Show, to be held in Kuwait from April 14-18. The gathering will bring together a galaxy of the region’s major property developers to ponder over the latest real estate market developments and exchange marketing and media cooperation ideas. Sahara Group has recently opened an office in Stockholm in a step likely to add more strength to the group through highlighting the potential of a region that is not yet duly covered by Gulf property developers. Research statistics conducted by Sahara drive home the fact that Scandinavia and North Europe in general would prove a good lucrative property market.

Acclaimed as the first and foremost real estate information reference in the region, Sahara possesses an extensive range of services and undertakes an assorted series of marketing responsibilities varying from public relations management to media consultancy and training. It is now managing Mazaya Real Estate Index along with the public relations campaigns of major real estate companies whose investments amount to a total of $ 100 billion, including Tameer Holding, Tanmiyat Group, Mazaya Holding, SNASCO, Shon Properties, Fakhruddin Properties, to name a few.

“The constellation of major property developers we are dealing with in the Gulf and other Arab regions have enriched our experience in the real estate media field,” said Fahad Al-Deeb, Sahara Group vice president.

“We are all the time working to boost the top-notch standing we have secured over the past few years and leaving no stone unturned to better our performance and keep our clientele’s trust. We are going to participate in this important gathering as being one of the major public relations companies the world over in the real estate field,” he said.

He has stressed the important developments now witnessed by the Kuwaiti property market that, he says, coincide with the real estate boom in the Gulf and Arab region in its entirety.

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