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Cluttons, the real estate specialist which has enjoyed a dedicated Middle Eastern presence since 1976, has noted a surge in demand for feasibility studies in the UAE over the past few months.
As a reflection of Dubai’s gradually improving real estate market, Cluttons has witnessed a noticeable pick up in feasibility activity and due diligence being undertaken by developers and investors into projects currently on hold or previously cancelled, with the numbers being under close scrutiny once more.
Jonathan Fothergill, director of UAE valuations at Cluttons, says, “Clients are requesting everything from considering the feasibility of the refurbishment of a residential apartment building in Deira to looking at the feasibility of substantially expanding or refurbishing an existing shopping mall.”
In recent months, the pick-up in developer activity has been particularly noticeable in Dubai. For example, Nakheel has commenced development works on apartments, villas and retail on the Palm Jumeirah as well as initiating expansion of both Dragonmart and Ibn Battuta malls and the development of community malls.