Nakheel says it has seen slowdown in sales

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SALES SLOWDOWN: But Palm developer Nakheel says demand is still outpacing supply. (ITP Images)

Dubai property developer Nakheel is witnessing a slowdown in the rate of real estate sales but demand in the emirate continues to outpace supply, its chairman said in remarks published on Monday.

"If we look at Nakheel, despite the change in the rate of sales, it is nevertheless continuing to sell at a smaller scale," Sultan bin Sulayem said, according to daily Al-Khaleej.

"Some think that waiting contributes to the decrease in prices through talk of their being a surplus in the market but reality is totally different ... Even if demand stabilises at its current levels and does not increase, supply does not cover except a small part of that."

Projects of Dubai World - holding company of Nakheel and other firms including DP World - would not be cancelled, bin Sulayem added.

In response to a question from Arabian Business regarding the impact of the global financial crisis on the level of jobs at the company, a spokesperson from Nakheel said: "Given the current global economic climate we are naturally being prudent and looking at the best quality and quantity of resourcing across the entire company.

"This is a responsible approach in line with Nakheel’s business model."

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