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Alabbar: Emaar seeks overseas expansion in 2017

The chairman indicated that his company will continue expansion plans into several markets, including India, with Egypt remaining a target market well into the next year

Mohamed Alabbar, charman, Emaar Properties.
Mohamed Alabbar, charman, Emaar Properties.

Emaar Properties is looking to further expand into other markets in the coming year as weaker oil prices have hurt domestic demand, Mohamed Alabbar, Emaar Properties chairman said Wednesday.

Al Alabbar said that he expects a more positive outlook for 2017 however, with Dubai’s real estate market seeing a "rebalancing" between supply and demand into next year, according to Bloomberg.

The chairman indicated that his company will continue expansion plans into several markets, including India, with Egypt remaining a target market well into the next year. Emaar is also looking to expand overseas as falling oil prices, weaker currencies in Europe and Russia and an abundance of properties in Dubai have created a challenging domestic market. 

"It's good to be realistic and get ready for a challenging year while pushing hard," he said.

According to Cluttons, the residential rental market in Dubai has felt the impact of a falling market with an expected 10% drop in average rents by the end of the year.

Residential markets are however expected to improve by the end of next year, the real estate service company said.

 

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