Dubai’s property market is going through a cycle that has led to a drop in prices, according to Emaar chairman Mohamed Alabbar.
But in an interview with Arabian Business, Alabbar hit back at suggestions that the property market was falling sharply.
“Crash? What crash? This is a cycle, and cycles happen all the time. There is a lot of talk, but I only look at facts and deal in facts. If the question is are we doing better than we did in 2017, the answer is no. But we are doing ok.”
He added: “This is human nature, we all want more. Whatever the price, we want it to be higher. But as His Highness Sheikh Mohamed Bin Rashid Al Maktoum keeps telling me, there is night and day and there is winter and summer. The question really is are you able to deal with your business and manage your business in this stage of the cycle? Because cycles come and go.”
Asked whether prices had dropped sharply, he said: “Look I understand that if last year we made $10 this year we might make $8. But that’s okay, we have to deal with that. We have to be realistic.”
Emaar Development said last week it is offering investors the last opportunity to invest in a residential apartment in Downtown Dubai.
The developer said the new Burj Royale apartments offer unobstructed views of the iconic Burj Khalifa and The Dubai Fountain and are within walking distance of The Dubai Mall and Dubai Opera.
It said that Burj Royale residences were launched for sale on Monday, adding that they have been designed as an extension of the Old Town neighbourhood with several hotels including Address Downtown, Vida Downtown and Manzil Downtown nearby.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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.