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Property Correction will Make for Stronger Real Estate Market
DUBAI — The correction in property prices in Dubai will make the real estate sector stronger and more sustainable once recovery takes place, said property developer Memon Investments.
The global economic slump which abrutply curbed Dubai’s booming property sector late last year, has also resulted in increased transparency by developers with regards to delivery commitments, a fact that is being appreciated by investors as well as end users, said Ahmed Shaikhani, managing director of Memon Investments. He said current conditions are “drastically reshaping the market” by rewarding developers who have continued consruction of projects amid the crisis. “As property prices drop to their lowest levels and the market evolves to be healthier and more stabilised, Dubai is gaining popularity among domestic and global investors in search of investment options within a location that is poised for further long-term growth.”
Shaikhani said most investors want to take advantage of the huge supply of units for rent and properties that are on sale in the emirate.
Memon is confident its current portfolio of projects - including Dubai Sports City, Dubai Silicon Oasis and Jumeirah Village, will attract buyers.
The property developer said it is also on track to deliever its Dh1.34 billion worth of property projects, among them the luxury residential towers Chmaptions Towers, Gardenia I and II, Frankfurt Sports Tower I and the Cambridge Business Centre.
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