Emaar says Dubai property sector ‘is on a growth track’ after encouraging indications
The developer of the world’s tallest building, Emaar Properties has sounded an upbeat note on the future prospects of the real estate sector in Dubai, despite the continuing supply glut putting downward pressure on prices.
“Dubai’s property sector is on a growth track,” an Emaar spokesperson told Zawya Dow Jones. The master developer said selling out its entire ‘Panorama at The Views’ on the first day of launch is one of encouraging indications that the emirate’sproperty sector is heading for more growth.
Analysts, however, have said that the market is on a “selective growth” track. “Some parts are growing – like in prime areas-but it’s too early to say the whole market is growing and whether this growth is sustainable given the ongoing supply,” said Jones Lang LaSalle analyst,Craig Plumb.
Real estate consultancy, CB Richard Ellis (CBRE) also highlighted the current divergence between established luxury communities and non-luxury communities in Dubai.
“Emaar is established in building high-profile communities such as Downtown Dubai, but other not so established communities like Dubai Sports City are still seeing price declines in sales and rentals and will continue to this year,” CBRE analyst, Matthew Green, said.