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FINANCIAL NEWS
Dubai’s real estate sector recovering
10 May 2011
(MENAFN) Dubai Land and Market Deputy Director General, Juma Mohammad Bin Humaidan, said that over the last sixteen months, the Emirate’s real estate sector registered an increased activity since more users entered the market, reported Gulf News.
Bin Humaidan added that during the global financial crisis the property sector in Dubai was hit severely which led to the cancellation of many extravagant projects and people lost a lot of money, nevertheless, recently many investors took advantage of Dubai’s safe climate amid political upheaval in the Middle East.
He also said that the restructuring process at Dubai World, including its property arm Nakheel, had a positive impact on investors’ sentiment, adding that many developers would be on hand to display completed or half completed projects.
It is worth noting that some of Dubai’s largest real estate companies are participating in the International Property Show, which would introduce new initiatives, in addition, several new developments will also be unveiled at the show like Dubai Sustainable City.
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