Dubai property developers remain highly enthusiastic

All major Dubai developers continue to implement large-scale real estate projects, despite the slowdown in some market sectors.

Reuters agency has published a research with results of major Dubai developers’ behavior overview, who don’t seem to reduce their building activity despite some stagnation observed today in a few sectors of the Dubai property market.

Emaar spokesman said the company goes on with all of its real estate projects right on schedule. The developer with an estimated total value of real estate projects across the UAE reaching AED 24 billion presumes property prices will go up this year.

"Emaar is progressing as scheduled with all its projects launched," said a spokesman for Emaar, "Sales enquiries have continued to be robust, led by strong interest from regional and international investors."

Another Dubai's real estate market major player Nakheel, which was looking for $ 11 billion borrowings restructure just about a year ago, now seems to have quite recovered and promises to complete the construction of a new Dubai’s dominant, iconic tower almost 200 meters higher than the symbol of Dubai, Burj Khalifa tower, as soon as possible.

Damac, the largest independent developer in Dubai, is also quite optimistic about the future of the Dubai’s property market. Its management believes that Dubai residential real estate sector will see a large undersupply causing the increase of demand in this property market sector.

"There will continue to be an under-supply of completed units in the market; based on Dubai's economic growth, demand should outstrip supply," said a DAMAC spokesman. "It's very much business as usual."

This is also confirmed by JLL recent findings suggesting that only an average of 35% of units scheduled for handover come to the market each year. Thus, oversupply won’t probably be a problem for Dubai in the nearest future.

"We would need another city the size of current Dubai. This suggests that Dubai's development story still has a long way to go," Faisal Durrani from Cluttons has emphasized.

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