THE DUBAI MAGNATE PREDICTS RECOVERY OF LEVEL OF PRICES FOR THE REAL ESTATE
The magnate Khalaf Ahmad Al Habtur predicted increase in prices for the real estate in Dubai in the next months in connection with the increased demand.
In the statement the chairman of Habtoor Group Khalaf Ahmad Al Habtur confirmed again that Dubai is "a safe shelter for investors", predicted recovery of price level in the next months and urged the government of the UAE "to start precautionary actions for control of violations in the sphere of carrying out investment shares or marketing activities in real estate sector".
He added: "Dubai offers smart, long-term investments. We represent the far-sighted nation. In the world there aren't enough places with the investment climate, comparable with the United Arab Emirates, recognized at the international level."
"We shall be sure of the market because what we offer, not to find anywhere in the world. We have an outstanding infrastructure, conveniences, safety, stability and a strategic provision which will guarantee to investors the long-term income" — he added.
Earlier this year Al Habtoor Group estimated the volume of investment of the company and the operating initiatives in Dubai at 12,5 billion dirham ($3,4 billion).
"I firmly trust in the real estate market of the UAE. Our real estate portfolio considerably grows [...] Ahead of us waits for a fascinating stage, and we expect growth of cost of square foot in the next months in the prestigious regions of the UAE" — the magnate declared.
The prices of the residential real estate in Dubai dropped by 50% in comparison with peak in the third quarter 2008 to the middle of 2009 with the subsequent recession at the beginning of 2010. Then price level was recovered in 2011 with inflow of investments and expats within 18% of the highest level of 2008. The prices reached the peak in the middle of 2014 again, but since then began to be characterized by monthly decrease. The last reports demonstrate that the market made a start from a bottom and headed for growth.
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