Emaar eyes Europe and US property

Dubai: Emaar Properties is seeking opportunities in the United States and Europe where property prices have become "attractive", a newspaper said, citing the chairman.

"A property whose price was $100 in the US, now costs $10... and we expect it to become $5," Mohammad Al Abbar told Kuwait's Al Qabas daily.

The newspaper did not specify what opportunities the Dubai-based company was seeking.

Emaar has consultants in the US working on developing low-cost residential units at no more than $12,000 apiece, Al Abbar said, according to the paper.