Demand drives Dubai property
A top Dubai property development executive said Sunday that the emirate's booming real estate sector would maintain growth despite the global crisis as demand continued to outstrip supply.
"Domestic demand for real estate continues to outstrip supply, and it will be so for several years," Mohammed Alabbar, chairman of real estate giant Emaar, told participants at a World Economic Forum meeting in Dubai.
"This demand is real, and there is a positive shift now towards an end-user market," he said, in an apparent reference to a reported exit by speculators from the sector which saw a significant overheating in past years.
Alabbar, who is also a member of the Dubai Executive Council, shrugged off claims that Dubai's thriving economy was poised to slow down due to a drop in real estate, stressing that the city-state's economy has other driving sectors.
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