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Dubai market 'very stable', Nakheel chairman says

Speaking at a conference in Cannes, Ali Rashid Lootah reportedly said the downturn in Dubai property prices indicates a "good correction" in the market

Nakheel's portfolio in Dubai includes Palm Jumeirah.
Nakheel's portfolio in Dubai includes Palm Jumeirah.

Dubai development firm Nakheel's chariman reportedly believes the recent slowdown in the city's property market is a positive trend. 

At a conference in Cannes, Nakheel's Ali Rashid Lootah is reported to have said the downturn is a "good correction – we don’t want Dubai to be too expensive". 

Lootah added Dubai's property market is "very stable – demand is less but it has stabilised". 

Citing Financial Times, Arabian Business reported Nakheel, according to Lootah, is considering new developments in three Asian countries. 

These include a mixed-use development with a Vietnamese partner in Ho Chi Minh city, and potential partners in China and Pakistan, the report stated. 

“We are looking at opportunities to diversify,” Lootah said during the event in Cannes, where Nakheel is showcasing its $1bn (AED4bn) developments to investors.  

Nakheel's portfolio in Dubai includes the Palm Jumeirah and Palm Deira master developments.

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Construction Week - Issue 758
Feb 08, 2020