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Dubai real estate to remain strong

The property sector in Dubai will not suffer as it is in the US or Europe due to the speed of the country's leadership, an official has said.

  • By Suzanne Fenton, Staff Reporter
  • Published: 23:47 October 16, 2008
  • Gulf News

Dubai: The property sector in Dubai will not suffer as it is in the US or Europe due to the speed of the country's leadership, an official has said.

"Other countries waited a long time before doing anything, but in Dubai, they [government] has already taken preventative steps," Salem Al Shafiei, managing director of Dubai Real Estate Institute, said. "It is a credit to the leadership that there hasn't been a significant impact on the UAE economy and Dubai in particular," Al Shafiei said.

Al Shafiei was speaking to Gulf News on the sidelines of the Realty and Realtors (R&R) Property Show, which began yesterday.

Steps

Al Shafiei said the government was implementing practical steps to ensure that global events do not have a cascading effect here. "The situation around the world doesn't look good but in this region, the UAE and the wider Gulf, the situation is much more optimistic," Al Shafiei said.

"The UAE is unique in that demand for local property has not dried up and sales continue to be strong," said Tessa Morris, marketing director for the organisers of the R&R Property show, DSL exhibitions.

Dubai's housing market is transforming from an often-greedy, speculative nature to a consumer-orientated market. This makes the economy healthier and will allow the mid-income bracket to live here, Al Shafiei said.

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