27 Oct '16, 5am

Dubai developer expects market recovery in 2017

Nakheel Chairman, Ali Rashid Lootah, with a model of the iconic Palm Jumeirah island. Dubai’s real estate market might be in a bit of a slump at the moment, but Ali Rashid Lootah, Chairman of Nakheel Properties, remains confident in the prospects for the city. Speaking to PropertyGuru, Lootah shared that the market has already hit the bottom, and is unlikely to continue declining. Lootah also suggests that the dip in prices was brought about by a previous rapid escalation in prices, which meant that the market was due for a correction. Nakheel however, appears to have been insulated from the decline in prices. “Our prices, for example, didn’t drop,” said Lootah. “If it is a good property in a good location, prices are very stable.” Lootah’s comments reflect what some market watchers have highlighted as a “flight to quality” amidst a decline in Dubai’s property market, whic...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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