Dubai's real estate sector will top all the other sectors that are likely to recover from the downturn, which had left a major impact on most economic sectors in the Gulf region, said the Nakheel Chairman.
According to Ali Rashid Lootah, the property sector in the emirate is in a state of stability when it comes to rents and property prices, and this makes it more attractive for investors and dealers.
The developments happening in the Dubai realty sector over the past two years also have a major role in re-structuring the sector, he said.
The property market in Dubai has strong pillars of support that actually helps the sector to remain on the top of all other sectors, and this will help in kick-starting the gradual recovery process. Other major factors that are conducive to property market are the advanced infrastructure and investment environment in the emirate. The current stage is, only a transitional phase which will open doors for a new period in this market, he explained.
Lootah expects a strong "wave" of demand for properties in Dubai, very soon. His expectations are based on the growth of population in Dubai over the past couple of months, which is reflected by the surge in domestic power and water consumption, in comparison to the same period last year.