Dubai developer Emaar is planning project to last for up to the next 150 years, it’s chairman Mohamed Alabbar told reporters as he emphasised the company’s long-term vision.
Last week, Burj Khalifa developer Emaar Properties and investment firm Dubai Holding launched its latest multi-million project known as Dubai Creek Harbour at The Lagoons.
The mega project will include 3,664 office units, 8 million square feet of retail space, 39,000 residential units and 22 hotels with 4,400 rooms, while the centrepiece will be The Dubai Twin towers, which will be the tallest twin towers in the world.
Speaking on the sidelines of a fashion event this week, Alabbar told The Daily Star newspaper that Emaar had no plans to slow down its massive construction drive “in the near future” and “are also expanding in Saudi Arabia, Egypt and India.”
With further developments in Downtown Dubai around the iconic Burj Khalifa and The Dubai and the luxury Dubai Hills community among its plans, Alabbar said it had projects in the pipeline for many years to come.
“Emaar’s projects are long term and we don’t make plans for the next five years but for the next 50 years, 100 years and 150 years… As long as the country [is witnessing economic] growth we will pursue our projects. We are very optimistic about the future,” he was quoted as saying by the Beirut-based The Daily Star newspaper.
Earlier this year, the property giant was rolling out one new project every week in 2014 across Dubai, with sources suggesting the trend could continue throughout the year.
“You just need to stay alert and weigh your options,” he continued. “When the market is calm you slow down your drive but when it’s booming you move full force.”
Dubai’s real estate has gone from boom to bust to boom again in the space of eight years. The market soared late in the last decade, then crashed as a bubble burst, cutting residential prices by more than half and nearly causing Dubai to default on its debt.
Since then, an influx of foreign money, particularly from Arab countries blighted by war and civil unrest, has helped Dubai's property sector rebound strongly. Prices are now roughly around pre-crisis levels, up by about a third from a year ago.
"We will continue to supply the market - supply in the market is good for our customers because it keeps prices at a reasonable level," Alabbar told reporters at the launch of its latest project at Dubai Creek.
"In 2013, things went crazy because supply was limited. For me as a long-term developer, this spike scares me, so I'm glad people are saying, 'Oh, the market is cooling down.' I think that is healthy."
A September report by property consultants JLL found Dubai's residential rents and sales prices rose 2 percent and 1 percent respectively in the third quarter of 2014 compared to the previous quarter. That was slower than 3 percent and 6 percent increases in the second quarter.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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