Dubai property market tipped for long-term growth

The Dubai property market will shake off the current uncertainty to continue its long-term growth, an industry expert has claimed.

Markus Giebel, chief executive officer of Dubai developer Deyaar, insisted that Dubai remains "poised for sustained expansion" despite the short-term effects of the credit crunch.

Writing for Emirates Business, Mr Giebel highlighted the emirate's fast-growing population as a key factor behind his viewpoint.

He noted that the influx of young and often wealthy expatriates would continue to stimulate demand for housing, offices and rental space.

Mr Giebel stated that this would help to ensure the long-term expansion of the Dubai property market, although he admitted that the government must continue its work to monitor supply in the region to ensure future success.

"There is now a need to manage supply to ensure price equilibrium in the short to medium term," he wrote.

This comes after Nicholas Maclean, managing director of CB Richard Ellis, told Gulf News that the Dubai property market could begin to bounce back from the current slump midway through 2009.