Developer rules out big market correction

Prices and rents may be falling in Dubai but the vice-chairman of leading developer Sobha Group says the market is not going to undergo a major price correction.

A 'significant' price correction in Dubai’s real estate market has been dismissed this year by a senior executive of Sobha Group.

"Dubai is not going to see any significant price correction though the real estate market has been moving sideways in the past few months," company Vice-Chairman Ajay Rajendran told Emirates 24|7 in an exclusive interview.

“People are continuously being attracted to the emirate. Though people may come with a six-month to one-year time horizon, they tend to extend their stay when they see what the city offers - the conveniences, comfort, security and opportunities."

“So why should someone say there is a ‘big’ correction around the corner if your apartments and villas are being occupied by users."

“The economy is encouraging growth with population growing consistently by 5.0 to 5.5% every year. We believe that is enough to manage the supply expected in the market.”

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