Dubai property market bottoms-out, official says

Kalban said that the property market is “very stable” and that he thinks there is only positive indications as the market settles

Khalid Bin Kalban, Chairman of Properties Investment and Managing Director & CEO of Dubai Investments.
Khalid Bin Kalban, Chairman of Properties Investment and Managing Director & CEO of Dubai Investments.

Dubai’s property market has bottomed-out as investor sentiment continues to improve, said Khalid Bin Kalban, Chairman of Properties Investment and Managing Director & CEO of Dubai Investments PJSC on Sunday.

Speaking at a press event for Properties Investment’s Green Community West – Phase 3 project, Kalban said that the property market is “very stable” and that he thinks there is only positive indications as the market settles.

“There are a lot of positive indications that the market continues an upward trend, especially with massive infrastructure projects for Expo 2020 and other megaprojects fully underway,” he said.

Kalban mentioned however that the market continues to suffer from over supply, highlighting an uncertainty in measuring the exact demand at the moment.

He nonetheless expects more investment from GCC countries as opposed to European and Russian investors.

“Though Europeans and Russians are not flooding the market as before, we still see selective buyers from these regions in the real estate sector as well as in the stock market,” he added.

“And because foreign ownership keeps changing, we will continue to see a growing appetite from overseas investors.”
 

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