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Al Mazaya Holding announces Al Mazaya Real Estate Index
- July 17, 2007, 9:27 pm
Al Mazaya Holding, a leading property firm in the region, has announced the activation of the Al Mazaya real estate index, the region’s first index that monitors property movement in the GCC, across a variety of realty sectors.
The announcement follows the completion of all the technical preparations, such as installing the relevant real estate data and checking its outputs in accordance with the accurate statistical bases upon which the real estate indices will be issued, to demonstrate the changes occurring in property price fluctuations. Additionally, work on electronic applications has been achieved to enable Al Mazaya to distribute its real estate data and figures to all concerned parties, as well as to the media.
The announcement was made at a press conference held in 4th conference hall in Dubai International Financial Center, entitled, ‘Al Mazaya Index Activation’. The press conference was attended by a large number of businessmen, economists, investors, real estate interests, and a group of pressmen and other media representatives.
In his welcoming speech, Rashid Al Nafisi, Chairman of Al Mazaya Holding referred to the strides the company has achieved since its inception, and said, ‘When we started a few years ago, we set out to distinguish ourselves from other companies; Our vision was not only to introduce competitive real estate projects, but also to make Al Mazaya a reliable and trustworthy source for anyone seeking credibility in the real estate sector in Arab World’.
‘Kuwait and Dubai are home to the majority of our projects, and our accomplishments there are highly appreciated, thanks to the support of the visionary leaderships of both countries. From this moment, the entire GCC region will speak about the new achievement of Al Mazaya in the world of real estate and information, and we will stop at nothing less than the achievement of the position of regional leader in the field.’
The conference featured a live and comprehensive presentation conducted by the Al Mazaya real estate index team, including an explanation on the internet of how the index works, how to view other important sections of the website, and how to calculate the average price in the GCC. In addition to these points, the presentation included information on identifying the price trends in general and finding the reasons behind the rise or decline, which come about as a result of interlinked factors, including rises in certain sectors of each country and declines in other sectors in the same country, taking into consideration the relative importance of each sector and country, and the overall relative importance of each sector in the GCC.
Speaking in this context, Eng. Khalid Esbaitah, executive manager and CEO of Al Mazaya Holding, said, ‘The index monitors the progress of real estate sector across GCC countries in general, by getting to know the prices of real estate transactions in each GCC country, to make a price index, and measures the volume of transactions by means of 21 real estate indices, each designated to a particular country, and will measure progress in terms of prices and volumes of the real estate transactions being carried out in each country on the four sectors, which include residential lands, commercial lands, offices and flats.”
‘The process of following up the movement of prices and quantities being traded in the entire region is not an easy task for the real estate community. For this reason, we are launching Al Mazaya real estate index on the internet today, at www.mazayaindex.com. This will be the first real estate reference in the region that monitors trends and changes in the real estate market. The index is based on an accurate, scientific framework that allows all segments of society to benefit. It offers simple reading for unspecialized people, as well as more advanced, comprehensive material for investors and other real estate experts. Anyone who is interested in the real estate market may log onto the website to retrieve valuable data, reports, and figures with ease, in addition to the special report about the real estate index issued by Al Mazaya to be distributed to all subscribers on a monthly basis. Website visitors will be able to gather reliable information that supports the real estate index movement by providing accurate real estate reports and analytical results that assist all the real estate interested parties in getting information that will help them in making their decisions.”
Commenting on the activation of the Al Mazaya real estate index, Dr. Ahmed M. Al Samerai, president of Sahara Group said, ‘We exist in a world of competition among the giant economic forces that lead the world economy. No doubt that the GCC economy is rapidly growing and entering the global competition in many sectors, such as the real estate sector, which is considered one of the strongest in the world. The Al Mazaya index is establishing a new era of development in the regional real estate market - a development that goes beyond the arts of architecture and construction to offer credible, comprehensive and transparent figures, data and research.’
‘We at Sahara have enjoyed preparing this index, as we know well the value of the information, data and a framework that will herald a revolution in the real estate world. We are delighted to see the fruits of our constant cooperation and coordination with Al Mazaya over the years,’ he added.
The index measures the progress of all the real estate indices in the GCC, including the residential lands index, the trading on flats and villas index, the commercial and investment lands index, and the prefab offices index, while providing a comprehensive and accurate analysis of the movement of each index across the GCC countries. This will provide investors with the opportunity to choose the most profitable real estate investment by recognizing the most active countries and the most active sector in a particular country in terms of value and volume, in addition to getting to know all the prices of real estate activities as reflected by the index.
The index provides the possibility to identify the progresses achieved in the real estate sector and the gains acquired by the various activities, besides providing additional information, which is based on a huge, regularly updated database. This will help investors to select the sector for their investments in a transparent, accurate and simple way. The index also specifies the most attractive real estate activities, which draw surplus liquidity into the region.
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