photo credit: Faithful Chant
High-end properties in the United Arab Emirates could finally see a price correction, according to one developer.
Mohammed Nimer of MAG Group Property Development said any changes would hit luxury properties the hardest.
Mr Nimer has previously said the Dubai construction boom would peak in early 2009, with $3 billion worth of real estate either planned or being built.
The UAE region has so far been virtually immune to price declines hitting other global markets, with values still climbing in many areas.
Mr Nimer said:
“The mid-range market will be more stable if and when the downturn comes, as people buying mid-range apartments are owner-occupiers, doing so in the main to live in them as homes rather than looking for short-term gains.”
MAG Group, or Moafaq Al Gaddah Group, was founded in 1978 and is now a multinational firm with 18 offices in eight countries throughout Europe, the Middle East and Asia.
Emirates Business 24 recently said prices for new homes in Dubai are currently still on an upward roll.
The publication said still-high demand was still not being fully met, with completed property not in huge supply.
Related posts:
