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Friday, May 15, 2009

Dubai property mart seen recovering in 2011

Dubai’s property market will recover in 2011 after a price drop this year, Deyaar Development PJSC’s chief executive officer said.

“2009 will be the year of the downturn,” Markus Giebel, the property company’s CEO, said in an interview at the World Economic Forum’s annual Middle East meeting at the Dead Sea in Jordan. “2010 will be a stabilisation year probably, and in 2011 we believe the recovery will happen.”

Dubai house prices tumbled 41 per cent in the first quarter from December, Colliers International said in an April 28 report.

By Bloomberg

1 comment:

Ann Julie said...

Dubai property will surely see some recovery in 2011 but recovery will be very less as compared to the losses bared by companies and government. Any recovery process will need to be managed very carefully so that this sort of crisis doesnot happen again.