Dubai Property Prices Predicted To Hit 2008 LevelMonday, August 06, 2012
A prominent real estate chief in Dubai predicts that property prices in Dubai can roar back to their 2008 highs. He says particular assets in Dubai property market are undervalued right now but property prices can return to their 2008 levels. According to the CEO of Wasl Asset Management, Hesham Al Qassim, current prices indicate that now is the best time to invest in Dubai property market. Hesham Al Qassim is the largest landlord in Dubai who also manages Dubai Real Estate Corporation’s property portfolio. He is also the chairman of Emirates Islamic Bank and the vice Chairman of Emirates NBD.
Al Qassim also highlights that market has started to roll over again and all the residential units are once again enjoying good demand. He also said that it’s been four years when everything started to slow down and now conditions have improved. Prices fell below the all-time high level and now it’s once again back on track. He also added prices can hit their 2008 peaks, since it all depends on demand and supply.
Al Qassim also said that by the end of 2011, more than 98% of 25,689 strong unit portfolio of Wasl was occupied. He also revealed that Wasl, within the next three years, also aims to complete new projects worth $844 m. The main focus of Wasl would be the growth of Dubai’s hospitality sector. The managing director of Daman Investments, Shehab Gargash, also believes that along with other sectors like the financial services and agriculture, real estate in Dubai is also providing real opportunity for investors. He said that though some would find it strange but real estate in the UAE will make a comeback.
These comments have come after Emaar declared 146% growth in its 2nd quarter profits, Nakheel reported a 36% increase in profits in the first six months of the year and Union Properties declared $29 m in the 2nd quarter against the loss in the same period last year. A report issued last month by Bank of America Merrill Lynch revealed that due to projected existing infrastructure and population growth, Dubai property was a worthwhile investment. Due to growing consumer spending led by household consumption and tourism, Dubai property sector is prospering.