“My personal belief is that Dubai has reached the bottom,” Deyaar CEO Markus Giebel told reporters at a roundtable in Dubai on Monday. “I cannot tell you whether the market will oscillate five percent up or down this year, but I can tell you that it won’t go 20 percent up or down.
“In my personal opinion Dubai will see a recovery in year three, by which I mean 2011.”
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The Deyaar executive said that Dubai’s fundamentals were still strong and observers, particularly the media, had underestimated the emirate’s strength.
“If you believe in Dubai, you should believe in Dubai’s real estate sector. Because if Dubai is healthy, then the real estate sector will be as well,” Giebel added.
The Deyaar CEO indicated that 2010 would be “the year of the contractor” and insisted that the firm had less than AED100m ($27m) in accounts payable to contractors.
Giebel revealed that the firm had instigated a full review of all its contractors and is in the process of issuing its ten of its biggest partners with transparent payment plans that would be “completed and signed within the next two or three weeks”.
“Your contractors don’t want the money right now,” he claimed. “If you talk to these people, they are just asking for clarity or a payment plan. It’s most important to talk to these people and then commit to, and execute, a payment plan.”
[ArabianBusiness, by: Andrew White]
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