Dubai: Dubai is sheltered from the crisis in Europe and the US and its real estate industry is poised to make a comeback, according to Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group.
He told Gulf News on the sidelines of Cityscape that those who said that Dubai's real estate recovery was a long way off were wrong, and said that property prices had finally bottomed out in the emirate.
"In response to all sceptics who believe that the real estate sector in Dubai will take five to seven years to recover, I would say that the potential in this sector will help it to get back to normal and flourish very soon," he said. "The real estate prices have already reached the bottom and as there is no way for more declines, prices ultimately will rise again. There is no other way for a real estate cycle."
He also said that companies moving to Dubai would boost prices in the commercial market.
"We do realise that the number of Dubai companies and organisations is on steady increase which is vital proof about the emirate's growth," he said. "Moving [in of] all these international companies in Dubai will increase the demand in the real estate market."
Meanwhile, commenting on the debt crisis in Europe and the US, Shaikh Ahmad said: "We are not worried about the debt issues in the US and Europe, as the financial situation in the emirate is improving."
Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, officially inaugurated the 10th edition of Cityscape Global yesterday, accompanied by Shaikh Ahmad and top government representatives.