“We do a lot of analytics and we do a lot of market research. We know that every eight or seven years there are some disturbance in the market and nothing can climb so rapidly,” Masood Al Awar, CEO of Tasweek Real Estate Development and Marketing, told Arabian Business in an interview.
“I think 2015 will be the peak but if we sustain it, [growth] can be prolonged to avoid the downturn… avoid the pitfall [of 2008],” he added.
Property prices plummeted nearly 60% in the aftermath of the Dubai property crash in 2008 and 2009, but Al Awar says that such a dramatic drop was unlikely this time and growth was likely to plateau as the market was being managed in a more strategic way this time around.
“We have to make sure the pitfall is prohibited and we manage the cash flow and move forward. It is about sustainability and growth,” he said.
Al Awar’s comments echo those expressed in a report last month by property consultants JLL, which claimed that growth in the Dubai residential market is slowing as government steps to curb speculative buying have an impact and higher prices start to affect demand.