Tamweel CEO highlights future prospects for real estate finance sector at Cityscape Dubai

Wasim Saifi, Group Chief Executive Officer of Tamweel, outlined the challenges facing the mortgage finance industry when he spoke at the Cityscape conference.

Saifi discussed the regional property market's way forward, future prospects for real estate finance sector and the challenges facing mortgage finance providers in the region.

He also released Tamweel's outlook on the UAE property market, which continues to post steady growth based on demand from investors and residents alike.

Tamweel's latest research on demand and supply in UAE property shows that delivery delays anticipated in 2008 and 2009 stand in excess of 20,000 units, pushing back the demand-supply equilibrium to 2011.

According to the research, mortgage demand in the UAE is likely to reach 40% of property sales value by 2011 and the estimated total value of off-plan and resale properties in the UAE will touch Dhs430bn by 2011.

Saifi said: "The fundamentals of the UAE property market growth are healthy driven by increasing population and new businesses setting up here. The overall regional market is still in an expansion stage. However, given the global credit crisis, mortgage providers are facing challenges to raise funds due to term mismatch between available funding sourcing and finance tenors. This creates a need for mortgage refinance entities and long-term liability instruments."

Saifi spoke as part of a Cityscape panel discussion titled, "Shifting Sands In the Middle East Real Estate Markets" The discussion was held from 4:45PM - 5:30PM at the Dubai International Exhibition Centre.

In its seventh year, Cityscape Dubai attracts regional and international investors, property developers, government and development authorities, leading architects, designers, consultants and professionals involved in the property industry. Last year, nearly 850 exhibitors showcased their projects and services to 51,855 professionals from 136 countries at Cityscape Dubai.