Property in Dubai
Dubai property sector to get stronger and more sustainable
The correction in property prices in Dubai will make real estate sector stronger and more sustainable, when recovery takes place, states leading property developer, Memon Investments.
The global economic slump, which abruptly curbed the booming property sector in Dubai during end of last year, has resulted in increased transparency, particularly with developers about their delivery commitments, a fact, much appreciated by investors and end users, said Ahmed Shaikhani, Managing Director, Memon Investments.
The present conditions are drastically reshaping the market by rewarding developers who have continued constructing projects amidst crisis. With the property prices hitting their lowest levels, and as the market evolved to be healthier and more stabilized, Dubai is gaining popularity among domestic and global investors in terms of investment options within a location that is poised for long-term growth.
Shaikhani revealed that most investors are seeking to take advantage of the huge supply of units for rent and properties that are on sale in the emirate.
Memon is confident about its current portfolio of project, including the Dubai Silicon Oasis, Dubai Sports City, and Jumeirah village. The developer is also well-on track towards delivering its Dh.1.34bn worth property projects, among which are the luxury residential towers Champions Towers, Gardenia I and II, Cambridge Business Center and Frankfurt Sports Tower I.
Posted on 18/9/2009