Retailers show confidence in commercial property in Dubai

Retailers are expressing confidence that commercial property in Dubai will remain popular despite worldwide worries.

Industry specialists believe the current effects of the global economic crisis will wear off and demand for retail real estate in the United Arab Emirates (UAE) will be sustained, Gulf News reports.

Simon Thomson, principal at consultancy firm Retail International, says that new property in Dubai currently in the developmental stage will be opened in stages.

"There is a view beginning to emerge that the worst of the global recession may have been reached and the situation will begin to improve next year," he tells the news provider.

Many developments of commercial real estate in the UAE have been under construction for years and will almost certainly be completed, adding to the 9.5 million sq m of gross leasable area already occupied, Mr Thomson concludes.

A recent report by Arabian business revealed the price of property in Dubai may fall by up to 50 per cent, offering bargain homes for potential investors.