Dubai real estate still set for solid growth |
|
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.
Loading ...-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Stories
Companies
| Company Name | Country | Industry |
| Qatari Diar Real Estate Investment Company | Qatar | Landlords and Developers |
| Emirates Integrated Telecommunications Company | UAE | Telecommunications Services |
| Global Investment House | Kuwait | Investment Banking |
| Bahrain City Center | Bahrain | Properties and Zones |
| Emaar Properties | UAE | Landlords and Developers |
| Dubai Islamic Bank | UAE | Banking |
| Al Rajhi Investment Group | Saudi Arabia | Investment Firms and Funds |
| Abu Dhabi Commercial Bank | UAE | Banking |
| Mubadala Development Company | UAE | Investment Firms and Funds |
| Doha Bank | Qatar | Banking |
Projects
| Project Name | Country | Sector |
| Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Fujairah 2 IWPP | UAE | Power and Water |
| QP - Al Shaheen Refinery | Qatar | Oil and Gas |
| KNPC - Al Zour Refinery | Kuwait | Oil and Gas |
| Qatalum Aluminum Smelter | Qatar | Industry |
| WDEPC - Abu Qir Power Plant Expansion - Civil Works | Egypt | Power and Water |
| ADCO - SAS Field Development | UAE | Oil and Gas |
| Qatar Foundation - Sidra Hospital | Qatar | Real Estate |
| Dubai RTA - Dubai Metro - Purple Line | UAE | Infrastructure |
| Saadiyat Island Development - Saadiyat Resort and Beach Residences (Phase 1) | UAE | Real Estate |
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]