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Chairman of Nakheel Projects Recovery of Property Sector

Dubai : 24 August 2010

Nakheel chairman Ali Rashid Lootah notes property prices and rental rates are stable

The real estate sector in Dubai is projected to lead the economic sectors through to recovery after a financial downturn that spread across the Gulf nations, according to Lootah.

The Chairman of Nakheel noted that the stability evident in the property market, including stable rents and property prices, is attracting more investments and creating more deals.

He said that real estate developments in Dubai over the last 24 months have been an important element in the restructured market.

Data in their organization indicates that there is strength supporting the Dubai property market allowing it to lead other sectors through the recovery process.  Examples of these supports are the UAE’s superior infrastructure and healthy investment climate.  Nakheel feels that the emirate is going through a transitional period that will give rise to a new phase in the market.

Lootah was quoted by local media saying that a strengthening “wave” of demand was expected to hit the property market throughout the next period.

Those projections were made based on the strong rise in residential power and water utilities over the same time period last year.  This indicates a growth in Dubai’s population which should result in the predicted market trends.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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