Sweid & Sweid boosts US presence with 370-unit Texas project
The milestone comes at a pivotal time in Austin's real estate landscape, said the key developer.
Following several years of elevated development activity, new construction in the city has slowed significantly, while demand remains resilient, it stated.
According to CoStar, first-quarter absorption reached 5,470 units—the strongest first-quarter performance on record—while new construction starts dropped to their lowest level since 2011, signalling a substantial tightening in the supply pipeline.
With a presence in both the UAE and US markets, Sweid & Sweid continues to serve as a conduit for delivering regional development expertise and investment capital to the US, which has historically been counter-cyclical to the UAE's market.
"Our activity in the US is a long-term strategic diversification play. We currently see great opportunities in both markets, albeit driven by different forces. In the US, the tight supply pipeline driven by high interest rates and low construction starts is predicted to create an acute shortage in the coming years," said Maher Sweid, the Managing Partner of Sweid & Sweid.
"In contrast, Dubai is witnessing a significant amount of oncoming supply, but the demand growth has been impressive and unprecedented," he added.
For Sweid & Sweid, The Nelson represents the latest chapter in a growing portfolio of UAE and US projects.
With a track record of identifying opportunities in high-growth, economically diverse markets, the firm continues to expand its footprint across both countries.
"Ultimately, we believe that disciplined capital, applied at the right moments in the cycle to the right product, will continue to generate outsized returns," he added.- TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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