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Dubai Developer Confident That Real Estate Market Has Hit Bottom
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The CEO of one of the largest developers in Dubai recently stated that the Dubai real estate market has hit bottom. While Deyaar CEO Markus Giebel remained unclear on whether the market would go up or down in 2010, he believes that Dubai's strong fundamentals will lead toward a recovery in the Dubai market starting in 2011. See the following article from Property Wire for more on this.
The head of Dubai’s second largest developer, Deyaar, believes that the real estate market in the emirate will post a recovery in 2011, the third year after its initial crash.
‘My personal belief is that Dubai has reached the bottom. I cannot tell you whether the market will oscillate 5% up or down this year, but I can tell you that it won’t go 20% up or down,’ said Deyaar chief executive Markus Giebel.
‘In my personal opinion Dubai will see a recovery in year three, by which I mean 2011. Dubai’s fundamentals are still strong. If you believe in Dubai, you should believe in Dubai’s real estate sector. Because if Dubai is healthy, then the real estate sector will be as well,’ Giebel added.
‘My personal belief is that Dubai has reached the bottom. I cannot tell you whether the market will oscillate 5% up or down this year, but I can tell you that it won’t go 20% up or down,’ said Deyaar chief executive Markus Giebel.
‘In my personal opinion Dubai will see a recovery in year three, by which I mean 2011. Dubai’s fundamentals are still strong. If you believe in Dubai, you should believe in Dubai’s real estate sector. Because if Dubai is healthy, then the real estate sector will be as well,’ Giebel added.
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