Sunday, 28 September 2008

Dubai real estate market unlikely to crash: Nakheel Chief Executive

Real estate market of Dubai will not crash, however, a maturing market will draw the line between winners and losers, Nakheel's chief executive said.

Chris O'Donnell said: "Dubai has certainly entered the next phase of property development whereby the consumers can intelligently and confidently shift through the myriad of property offering. The word ‘correction' has been often misused in the property sector as a crash."

Prices of the real estate projects that offers zilch value will bite the dust, but quality developments in the right locations of Dubai will enjoy an excellent price appreciation, owing to more regulation, consumer protection and transparency, Nakheel's Chief Executive said, adding that the UAE emirate's property market's exogenous factors will help realty growth organically.