It will take another 12 months for the Dubai real estate market to recover after last year’s crisis, Emaar Properties, the biggest publicly-listed realty developer in the Arab world, today said.
“Usually the Dubai market has a typical cycle, a fall lasts for up to 24 months and already one year has gone…
prices are coming back, but still it is soft,” Emaar Properties chairman Mohammed A Alabbar told reporters here.
Despite the financial crisis that hit the city’s realty market during the end of last year, prices have remained steady for the last nine months, he added.
Just a year after the global downturn derailed Dubai’s explosive growth, the city was swamped by debt in November 2009 after borrowing hugely during the real estate boom.