Dubai property prices at “bottom phase,” says Deyaar CEO

Dubai property prices at “bottom phase,” says Deyaar CEO

The property market will probably see recovery in 2011, according to Markus Giebel, the CEO of Deyaar.

February 22, 2010 4:35 by kippreport

Property prices in Dubai have “reached a bottom phase” and although they may fluctuate up or down by 5 percent in 2010, they won’t post a sharp drop this year, Markus Giebel, the CEO of Dubai-based property developer Deyaar told reporters on Monday. Property prices in Dubai have fallen by around 50 percent over the last year.

Giebel also said that the market will possibly see recovery in 2011, reports the Associated Press.

Tags: Deyaar, Dubai, market, property prices, recovery

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4 Comments

nick on February 23, 2010 8:22 am

Another developer talking up the market; Nice try, Mr. Giebel, but wishful thinking nonetheless. You’ll know when the market hit the bottom once prices would have started rising again over a sustained period of time, i.e in hindsight. Right now the market is scraping along the seabed with unknown abysses yet to open up before us.
AR on February 23, 2010 9:04 am

And what does Mr. Giebels crystal ball say about the local stock prices ?
Its easy to make statements like this , but there is no corroboration with the economic basis on which such predictions are taken to press.
Deira on March 1, 2010 6:42 am

We can’t predict any thing at this juncture about real estate market in Dubai.I expect the real estate boost this year in Dubai.
Keith on March 1, 2010 4:57 pm

None is able nor in the position to make such statement and predict anything. It is because of such attempts that we are in this situation today…Enough of speculations! We want facts, numbers and economics and financial analysis!