The Dubai property market is increasingly leaning towards affordable
accommodations, an expert at Ggico Properties recently highlighted.
Speaking in an exclusive interview with Khaleej Times, Andrew Chambers,
chief executive officer of Ggico Properties, said: “The market today is
leaning more towards affordable housing because that is where the
greatest demand is. Dubai is getting an estimated 100,000 people a year,
and it is probably looking at a growth rate of about five per cent. Now
that is fantastic anywhere in the world for a city the size of Dubai.
If you are getting 100,000 people a year, you probably need at least
50,000 new dwellings a year; and these are the ones that are now geared
towards the affordable housing segment.”
Chambers said that he believed that the property market in the UAE has
become a lot more “organic and demand driven”.
Asked if there was a bubble in the property market, he answered with a resounding no.
“What we are witnessing now is a boom that is not going to bust,” he
said. “The growth in the property market has slowed down and it is
definitely more controlled. There is a real supply-demand balance, which
is a sign of a healthy mature market. In addition, there aren’t any
external influences pushing money into the UAE market to create a boom
and bust cycle like before.”
accommodations, an expert at Ggico Properties recently highlighted.
Speaking in an exclusive interview with Khaleej Times, Andrew Chambers,
chief executive officer of Ggico Properties, said: “The market today is
leaning more towards affordable housing because that is where the
greatest demand is. Dubai is getting an estimated 100,000 people a year,
and it is probably looking at a growth rate of about five per cent. Now
that is fantastic anywhere in the world for a city the size of Dubai.
If you are getting 100,000 people a year, you probably need at least
50,000 new dwellings a year; and these are the ones that are now geared
towards the affordable housing segment.”
Chambers said that he believed that the property market in the UAE has
become a lot more “organic and demand driven”.
Asked if there was a bubble in the property market, he answered with a resounding no.
“What we are witnessing now is a boom that is not going to bust,” he
said. “The growth in the property market has slowed down and it is
definitely more controlled. There is a real supply-demand balance, which
is a sign of a healthy mature market. In addition, there aren’t any
external influences pushing money into the UAE market to create a boom
and bust cycle like before.”
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