Speaking in an exclusive interview with Khaleej Times, Andrew Chambers, CEO of Ggico Properties, said: “The market today is leaning more towards affordable housing because that is where the greatest demand is. Dubai is getting an estimated 100,000 people a year, and it is probably looking at a growth rate of about five per cent. Now that is fantastic anywhere in the world for a city the size of Dubai. If you are getting 100,000 people a year, you probably need at least 50,000 new dwellings a year; and these are the ones that are now geared towards the affordable housing segment."
Chambers said that he believed that the property market in the UAE has become a lot more “organic and demand driven”.
Asked if there was a bubble in the property market, he answered with a resounding no.
“What we are witnessing now is a boom that is not going to bust,” he said.