Dubai real estate still set for solid growth |
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Thursday, Dec 04, 2008
Gulf News
Dubai: The future of Dubai and UAE real estate will be more successful and solid than in previous years, due to lessons learned during the economic crash.
Both developers and property analysts are keen to reassure investors that while days seem dark right now, next year will be bright.
Many see last year's soaring prices and astronomical profits as symptoms of an immature market dominated by speculators chasing short-term gains.
"Despite the excitement they generate, sky-high profits are both unsustainable and unhealthy. Ultimately, they create unrealistic expectations about future performance, especially because high prices hurt demand," Cliff Kelaita, chief executive officer and chairman of Landmark Properties, said in a memo to his clients.
Such displays of transparent communication are signs of a maturing market, one that will be more successful in the future.
"There are many reasons to be optimistic about Dubai's resilience during this downturn. Despite worsening economic conditions in other parts of the world, the UAE and GCC remain on track for solid growth," Kelaita said.
6% growth
The UAE's economy is forecast to grow around 6 per cent in 2009, far above the global average growth of 2.2 per cent, predicted by the International Monetary Fund.
Dubai's property market, while slow at the moment, will attract long-term investors next year once the panic and negative sentiment are over. Speculators are abandoning the market, house prices are coming down leaving 2009 the year for the end-user.
© Gulf News 2008. All rights reserved.
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It is really great to hear that people of Dubai and the Dubai developers have learnt a lesson from the current market situation and what's really worth applauding is that they are optimistic of seeing further growth. http://dubaireal-estate.co.uk [Report Abuse | Email to a Friend | Reply to this Comment]