Construction

DAMAC sees positive signs for Dubai market

Emirate’s prime property has experienced nearly 6% growth in H1 of 2012

Dubai-based DAMAC Properties has said the emirate’s real estate market is on track to recovery and that banks need to provide both investors and developers with adequate liquidity to support this growth.

“We are certainly seeing positive signs that Dubai’s property market is recovering,” Niall McLoughlin, senior vice-president of DAMAC Properties told Khaleej Times, a Dubai based newspaper.

“While we retain a cautious optimism, we believe that the improvement in valuations will continue to increase well into 2013,” said McLoughlin.

There are signs that the sector has outperformed, including a recent report by Knight Frank, which suggested Dubai’s prime property has experienced nearly 6% growth in the first six months of 2012, he explained.

“Confidence is coming back to the Dubai market and investors are looking to capitalise on some great offers. We are set to see an increase in valuations throughout the rest of the year and into 2013,” McLoughlin added.

“What is needed now is for the banks to bring liquidity back for investors and developers. The market is performing well and now is the time for the banks to support that growth,” he said.

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