Property market in Dubai has bottomed up
According to the recent announcement made by Mohammed Ali Alabbar, chairman of Emaar Properties, the Dubai market has hit its bottom. It is to be mentioned here that the prices in the Dubai region have seen a fall of close to
70% across various parts of the emirates.
For the record, the expert was speaking at a conference in Dubai when he mentioned that the market needs to balance itself now as the value of the property is now very reasonable and will drive another phase of growth for the industry in the coming times.
He also said that the government and even the industry experts have learned their set of lessons from the mistakes made in the past and the coming growth phase is expected to be sustainable for a longer period.
However, the industry experts are saying that the environment in the Dubai Property market is still equally challenging and the market has to manage itself. Dubai has seen a fall in the property market after going through a boom of six years and the boom will now see more confidence in the next level of growth.
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