Mazaya Real Estate Index, the first-of-its kind in the region, recently announced that substantial progress has been made in the preparations for the launch of several sub-indices, which will be established in order to monitor and study trends and developments in booming real estate sectors across the GCC. The company has just announced that investments in the development of the index have surpassed the AED5 million mark, and should begin yielding returns within the next 6 months. The launch of these sub-indices coincides with the booming growth being recorded by the main index in certain GCC real estate markets, and with the significant price variations between cities in the region. The average price per square meter in some newly booming cities is higher than it is in others, where market growth has been ongoing for several years, prompting the index to identify the necessity for the immediate development of sub-indices to cope with the rapid growth of real estate markets in these cities. Al-Mazaya has taken massive strides with regard to the formulation of equations, logarithms and other mathematical functions, as well as establishing a database for each city and conducting in-depth studies of the variations in property market trends from one city to another. Commenting on this expansion, Eng. Salwa Malhas, vice executive president for Al-Mazaya Holding operations, said: “We have gained extensive experience in property market since the inception of the index over a year ago and have developed a reliable database of industry-related information upon which to base the index's expansion in the form of sub-indices to be launched for several major GCC cities, in addition to those already monitored by the index. We plan to further develop the operation system of Mazaya Real Estate Index, in order to enhance its flexibility in restoring and processing data and to enhance browsing convenience for users, enabling them to navigate to any property sector and sub-index quickly and easily. “Our focus will be on those markets across the GCC that are currently experiencing significant growth, such as Dubai and Abu Dhabi, where market growth in terms of projects is being launched, average prices and the volume of transactions being conducted is phenomenal. We will also focus on other promising cities, such as Ajman, where mega projects such as Al-Zora and Ajman Marina have been announced, in addition to the 50 percent growth recorded in the average land price in the last two months,” she added. Malhas said that those who wish to make use of the index's services will have to begin paying subscription fees in about 6 months' time, as the index will no longer be available to visitors free of charge. Meanwhile, the index is set to introduce a new range of services, chief among which is the price index for property units across all the cities covered by the index. Al-Mazaya Real Estate Index accurately and transparently monitors the development of property the sector across the GCC by direct access to information on the value of deals and transactions concluded, which is used in the price index, in addition to other indices concerning, for example, the volume of deals conducted, among others. The index provides opportunities to identify increases in each property sector and the gains achieved for all transactions concluded. It also provides additional information based on a huge and regularly updated database, in order to help investors choose the most lucrative direction for their investment in a simple and reliable manner, as well as identifying the dominant property sector, and the most attractive for the investment of surplus liquidity. The index measures the progress of all real estate indices in the GCC, including the residential land index, the trading on flats and villas index, the commercial and investment land index, and the prefab offices index, while providing comprehensive and accurate monthly statistics, data and reports on the movement of each index throughout the GCC. __
