Emaar chairman welcomes property price slowdown

Mohamed Alabbar says a steadying in the market is "healthy"

Emaar Properties.
Emaar Properties.

Emaar Properties' chairman says he welcomes a slowdown in Dubai's property market.

Mohamed Alabbar has vowed to keep supplying new homes to help hold prices at "a reasonable level".

This year property prices have finally risen to around the same as they were pre-2008, before the crash, up from around a third from this time last year.

"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 said.

"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."

Alabbar was speaking at the launch of the first phase of a huge high-end residential development, Dubai Creek Harbour, a joint project between Emaar and Dubai Holding, the personal investment company of Sheikh Mohammed bin Rashid al-Maktoum.

Once complete, the project will cover nearly 1,500 acres and include the tallest twin towers in the world.

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