Dubai’s real estate market will see a “rebalancing” between supply and demand into next year, head of the emirate’s largest developer Emaar said on Wednesday.
The company expects growth next year even amid the correction in the housing market, Emaar Properties PJSC Chairman Mohamed Alabbar said Wednesday at the Bloomberg Markets Most Influential summit in Abu Dhabi. He’s targeting expansion in India and said that Egypt remains a good market for Emaar.
Emaar is looking to grow overseas as falling oil prices, weaker currencies in Europe and Russia and an abundance of properties in Dubai hurts domestic demand. Property consultant Cluttons LLC expects values to continue to decline into next year after dropping 7.4 percent on an annual basis at the end of the third quarter.
Alabbar said the company is “tightening its belt” next year. “It’s good to be realistic and get ready for a challenging year while pushing hard,” he said.