Dubai tycoon Khalaf Ahmad Al Habtoor has predicted a rise in property prices in the emirate "in the coming months" due to heightened demand.
In a statement, the chairman of the Al Habtoor Group reaffirmed that Dubai is a "safe haven for investors", but urged the UAE government to "set in place precautionary regulations to monitor any violations of investment promotions or marketing practices in the real estate sector".
He added: "Dubai offers smart long-term investments. We are a forward-thinking nation. Very few places in the world have an investment climate comparable to that of the United Arab Emirates, recognized internationally for its phenomenal performance in a range of areas, and having constant and steady growth.
"We should be confident in our market, because what we offer cannot be matched around the world. We have the outstanding infrastructure, amenities, safety, stability, and a strategic location that will guarantee investors long-term returns," he said.
The Al Habtoor Group reported earlier this year that the value of the company's investments and expansion initiatives in Dubai currently stands at AED12.5 billion. The Group also stated a jump in revenue for its real estate portfolio of nearly 5 percent for the first nine months of the previous year.
"I strongly believe in the UAE real estate market. Our real estate portfolio is growing significantly... These are very exciting times ahead and we are expected to see the price per square foot increase in the coming months real estate in prime locations in the UAE."
Dubai property prices have been more volatile in the past decade than in other markets around the world.
Residential prices in the emirate fell 50 percent from a third-quarter 2008 peak to mid-2009, suffering a second downturn in early 2010,.
Prices then rebounded from 2011 following an influx of money and people displaced by uprisings in several Arab countries, recovering to within 18 percent of 2008 peaks.
Prices peaked again in mid-2014 but have since seen monthly declines although reports suggest the market is starting to bottom out.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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