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Al-Abbar: Dubai real estate market to rebalance in 2017

Al-Abbar: Dubai real estate market to rebalance in 2017
Emaar plans expansion in Indian market - (Photo Credit: Arabianeye-Reuters)
Emaar
EMAAR
0.98% 8.23 0.08

By: Rami Sameh                                                                                                                   

Abu Dhabi - Mubasher: The chairman of Emaar Properties, Mohamed Al-Abbar, said on Wednesday that he expects the real estate market in Dubai to rebalance in the next year.

Al-Abbar remarks were made on the sidelines of the Bloomberg Middle East markets most influential summit in Abu Dhabi where he told reporters that there has been a correction movement in Dubai’s real estate market in 2016, and that he believes 2017 will see a balance between supply and demand, and in prices as well.

Our real estate market is still growing and developing, Al-Abbar pointed out.

The chairman also said that he expects a growth in Emaar’s budget for the upcoming year despite the challenges facing the market.

When asked about the company’s cost reduction plans, he said that reducing costs in general is attributed to the rise in expenses margin which make cutting costs necessary, not only in Emaar but in all companies and institutions.

Al-Abbar revealed that Emaar is planning to expand India especially with the current good economic policies that are giving the real players an opportunity to work and expand in the real estate sector.

Regarding the finance of the company’s projects, Al-Abbar explained that it is usually carried out through bank loans, public offerings, or having new investors.

Translated by: Moslem Ali