Dubai real estate market to remain sturdy: Dubai Land Department

source Go Wealthy

Dubai real estate will continue to prosper for some more time, according to Dubai Land Department. Recent reports indicated that property prices will decline by 2010, however, Dubai Land Department refuted these predictions. But they feel profits will correct.

Dubai's Real Estate Regulatory Authority (Rera) CEO Marwan Bin Galita said: "There will be a correction in some places, but a correction in profit only. Rather than making 20 per cent profit, maybe investors will make five per cent profit. What have they lost?"

Sultan Bin Butti Bin Mejrin, director general of Dubai Land Department (DLD), notwithstanding such negative reports, Dubai's real estate market will remain robust. "In 2007, they said prices would go down. And the recent reports say prices will go down. But I said then it will be a very strong market. And it is," Bin Mejrin said. He said the property market here continues to be healthy with the Land Department registering Dh200 billion in transactions so far.