Dubai real estate confidence 'higher than ever'

CONFIDENCE HIGH: The developer behind Jumeirah Beach Residence in Dubai says the real estate sector is still buoyant.

Consumer confidence in the Dubai real estate market is still high despite the global economic downtown, Dubai Properties said on Monday.

"The current market is one of great confidence, even more than it has been," said Jade El Khalil, chief officer sales and marketing, speaking at the company's launch of its Mudon project, a 348-unit project in Dubai's Culture Village Souq.

The master planner is also responsible for Dubai's Jumeirah Beach Residence, the single largest phase in the UAE, featuring 36 residential units, four hotels and four beach clubs.

Confidence in the market, El Khalil said, was still expanding as a more mature real estate market evolved in the emirate.

He welcomed the proposed Tamweel and Amlak merger and said more consolidation would result in increased confidence within the market.

Riding high on record oil prices, Dubai Properties, a unit of Dubai Properties Group, has benefited from a six-year real estate boom in the UAE triggered by the introduction of foreign ownership rights in Abu Dhabi and Dubai.

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READERS' COMMENTS

What do you expect?
Posted by Graham Plater, Munich, Germany on Monday 6 October 2008 at 17:02 UAE time

Well, do we really expect Dubai Properties et al to tell us that "consumer confidence in the Dubai real estate market is on the wane"? What defies me is why anyone should want to print any more real-estate developer propaganda....

ahem...
Posted by Paul, Dubai, UAE on Monday 6 October 2008 at 14:09 UAE time


The DFM closed down 8% following yesterdays 7% drop. EIBOR rates continue to soar. Colliers reports Dubai house prices fell 16% in the second quarter even before the credit crunch started to hit Dubai. To say confidence is higher than ever is just not credible given the obvious evidence to the contrary. Good to see some things never change - the real estate industry is still an honesty-free zone.

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