Five years after Tanmia initiative for the stalled real estate projects revival was launched in Dubai 51 project worth in total USD 3.2 billion was revived.
Dubai government’s Tayseer and Tanmia programs aimed at restarting troubled real estate projects in the emirate were launched in 2010 and 2011, respectively. Through these initiatives developers of the stalled projects have been able to register them at the DLD and secure financial support from government or private investors.
Of the 51 projects restarted through the Tanmia scheme 12 housing projects worth USD 540 million were relaunched last year.
Another financial supportive initiative Tayseer launched in 2010 helped to revive more than 40 real estate projects with 1100 housing units in total. USD 37.33 million had been secured under this scheme giving new start to the projects in such Dubai areas as Business Bay, Dubai Marina and Jumeirah Lakes Towers.
To date, Tayseer program has eight developers registered in, including even such industry giant as Emaar Properties, as well as smaller companies like Al Wasl, ICD-Brookfield and others.
In order to be qualified under these schemes and receive all necessary funding the project has to meet certain criteria, such as adequate infrastructure master-plan in place, a well managed escrow account to raise funds from buyers, etc. But the main requirement is that a minimum 60 percent of construction must be already completed and a minimum 60 percent of the project must be already sold.