Al Majid Property Co., an affiliate of Juma Al Majid holding Group, unveiled that their UAE projects hit 85% occupancy rate during Q1 of 2021, bespeaking development and growth in the real estate market in the UAE, principally in Dubai and Sharjah despite the spread of the Coronavirus pandemic and its direct repercussions on different sectors, foremost of which is the real estate sector and the sharp drop in demand on residential units.
the CEO/ Ayman Ali Okasha avouched that the performance indicators of Al Majid Property Co. witnessed a remarkable growth during Q1 of 2021 that exceeded the original projections. This achievement reflects the solid basis of the Company that derives its strength and resilience from the name of H.E. Juma Al Majid; the UAE businessman, founder of Juma Al Majid Group and the honorary president of Dubai Chamber of Commerce and Industry. With the inspiring vision of Mr. Al Majid, the group developed to be pioneer in its given business in the Arab World that applies flexible methods and policies to attract the tenants of different segments, especially families.
Al Majid Property Co. projects are constantly evolving, keeping pace with the UAE’s real estate market, “Our policies are responsive to the tenants' needs, which is indubitably seen during the Corona Pandemic”. He added that the pioneering development and modernization of the company is inspired by the broad experience that exceeds 50 years in the UAE real estate sector. Mr. Okasha went on declaring that the occupancy rate of the residential properties in Q1 of this year hit 85% of the total units available for renting that are over 5000 real estate units, pointing out that the company’s target is to exceed 95% occupancy rate of its residential units by the end of 2021.
The company provides distinctive properties with world-class standards in multiple locations, including residential, commercial, and special purpose units with extra focus on safety, security and environment requisites which make them eco-friendly. Tenants enjoy healthy and safe environment according to the latest and most practical systems to boot.
Mr. Okasha also explained that “to make Al Majid residential projects special and captivating to different tenants, the company selects only exceptional locations, which is on top of many attraction factors to tenants. The other factors are the ample spaces and sophisticated details, classy interiors and exteriors which are carried out by means of accurate and careful studies that consider the needs and prospects of tenants in terms of recreational facilities, accessibility, and availability of outlets that allow sunlight and air to enter, which makes "Al Majid Property" healthy, practical, and directly attractive to families.
The modern units also consider the needs of the people of determination and their health requirements, including the provision of facilities, corridors and signposts that are specially prepared to make their experience better, in addition to safety and mobility between floors, stairs, doors and outlets.
Explaining the Company’s strategy to deal with the Pandemic situation, Mr. Ayman Okasha said: “Despite the impact of the Coronavirus pandemic on rental rates in the United Arab Emirates and the drop in demand on residential units caused by the companies’ downsizing and laying off quite a number of their employees, Al Majid Property managed to stay afloat and successfully faced the pandemic and aftereffects.”
He further prepended that it generated satisfactory performance in comparison with the last years, as Al Majid Property depended on flexible programs and policies that furnish inhabitants with facilities in settling rental values. This, on the other hand, helped keeping current tenants and working with them to overcome the crisis.
"Al Majid Property" provides units with various architectural patterns with world-class specifications in classy places around the Country. Al Majid projects are featured with unprecedented and qualitative methods in developing service facilities and commercial, cultural, and even recreational outlets to provide contemporary lifestyle that fulfils the needs of all tenants on the accommodation, employment, and recreation levels. This adds incomparable value on the residential units that are well-designed to provide a range of the finest modern lifestyles.
