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Dubai property market ‘will see fast recovery’
Posted on 02/17/09
Dubai property market 'will see fast recovery'
Arabian Business
by Andy Sambidge
Monday, 16 February 2009
The chairman of Dubai's Land Department has predicted that the emirate's real estate market will be "one of the fastest" cities to recover from the global crisis. Sheikh Mohammed bin Khalifa Al Maktoum was speaking at the opening of the International Property Show - Dubai 2009 on Sunday.
He expressed optimism over Dubai's property market growth, saying: "Dubai will be the fastest city to recover from the impact of the ongoing credit crunch, and the emirate's real estate sector will once again witness a period of long term boom. "However, developers need to remain focused on their goal of continuing with the projects that they have already started and ensure that these projects are delivered on time."
He added that developers who are registered with the Real Estate Regulatory Authority (RERA) can be assured of total support from Dubai Land Department.
"The impressive participation of players at the International Property Show - Dubai 2009 underlines the high confidence in the UAE's property sector," he claimed.
The show, which runs until Tuesday, is showcasing development projects from more than 150 exhibitors from across the globe.
RERA has set up a special pavilion within the venue - the RERA Consultancy Zone - where representatives from the agency are answering the inquiries of commercial and residential investors and specialised visitors from the property industry.
A dedicated pavilion has also been assigned to banks and financial institutions to aid investors seeking financial assistance.