Dubai real estate confidence 'higher than ever'

Dubai Properties' sales chief remains upbeat despite global economic downturn.
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.
By Claire Ferris-Lay
Mon 06 Oct 2008 01:32 PM

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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