Property sector first to recover: Nakheel chairman

Ali Rashid Lootah says rents and property prices stabilising

Dubai’s real estate is expected to be on top of the sectors that are expected to recover from the downturn that hit most economic sectors in the Gulf region, according to the Chairman of Nakheel.

Ali Rashid Lootah said the real estate sector in the emirate is going through a state of stability in terms of rents and property prices, adding that this made it more attractive for dealers and investors.

“The developments in Dubai’s real estate sector over the past two years have played a key role in restructuring the market,” he said.

“Our internal data shows that the property market in Dubai has a lot of strong pillars that allow it to be on top of the markets that will start their gradual recovery… these elements include the emirate’s advanced infrastructure and investment environment. We believe that the current stage is a transitional phase that will open the door for a new period in this market.”

Quoted by Al Khaleej newspaper, Lootah said he expected a strong “wave” of demand for real estate units in Dubai in the coming period.

“We base our expectations on the population growth in Dubai over the past few months… this was illustrated by the surge in domestic power and water consumption compared with the same period of last year.”

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