Dubai Damac’s chief revealed the naked truth

The head of the largest Dubai developer Damac promised to “go naked on TV and resign” if the gloomy forecasts for the housing market come true.

Dubai real estate market chief players are so confident of the emirate housing industry’s bright future that to take extreme measures to prove they are right. Recently, the head of one of the largest Dubai developers Damac Properties, indignant with groundless gloomy forecasts of some analysts has promised that he will “go naked on TV and resign”, if at least one of these forecasts comes true in part.

Zayed Al-Chaar, managing director of Damac made this statement in an interview with Britain's Sunday Times.

Currently, Damac’s plans for Dubai's transformation are quite ambitious. In the first month of 2016 the company has introduced new real estate project in its iconic residential community Akoya by Damac, and also keeps implementing a number of mixed-use developments in different Dubai areas.

Dubai real estate developers get anxious about some analytical forecasts made up using only theoretical calculations. From the whole number of new supplied units such forecasters promised to Dubai property market in 2015 the emirate saw at least 30%, which means there is no oversupply and, as a result, no threat of further price reduction.

JLL and Deloitte predicted that Dubai property prices would fall for another 8-10% in 2016, however, last year actual prices decline was almost a half of that forecasted by experts. Meanwhile, other, more far-sighted experts predict that real estate market can return to price growth by the end of the year.

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