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09 December 2023

Dubai realty will not see 'significant' price fall

Dubai realty will not see 'significant' price fall. (EB FILE)

By Parag Deulgaonkar

Property prices in Dubai will not witness any "significant" declines but may fluctuate in a very narrow range, according to Deyaar Development's CEO.

"People underestimate the fundamentals of Dubai and I believe prices will not see a 'significant' drop. Prices may fluctuate five per cent up or down in 2010, but the market won't recover until 2011," said Markus Giebel.

As part of its new strategy, the Dubai-based developer is looking to focus on developing income-generating assets through which it expects an annual income of Dh150 million in 2012. "We did not have income producing assets in 2006, 2007 and 2008 as we were building and selling 100 per cent. We expect to add 20 to 30 per cent of the profits achieved in the normal cycle from income generating assets."

Asked about the strategy for undeveloped land bank in Dubai, Giebel said: "The size is large, but we don't like to give out numbers as there is a revaluation going on."

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