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 The major players of Dubai real estate arena, who have invested billions of dirhams in the property sector, have shrugged off the pessimism of double-digit price declines this year or in 2016, stating the market faces no oversupply issue and will continue to remain stable.

“Look at the clear cut information from the market and forget all those reports. Population, economy, tourism, number of visitors to the airport and infrastructure investment is growing in the emirate. If you see these factors and see the results of the two biggest real estate companies (us and Emaar) in the first half of the year, we both booked sales close to Dh13 billion… You have seen the number and nobody can dispute that,” Ziad El Chaar, Managing Director, Damac, told Emirates 24/7.

“Even the Dubai Land Department has reported Dh53 billion in transaction value in the first six months of 2015 of which Dh30 billion came from non-Arabs. This reflects the great trust in this market… so with all of this ‘2016 is still gloomy’,” he asserts.

Sobha Hartland

In the first six months of 2015, the developer had marketing activations and launches in more than 40 cities across the world, aimed to promote Dubai and the local property market.

“This is why our numbers are strong… the real estate is not a passive industry but is an active industry. And all those people who are saying ‘the market is slowing down are passive developers’ and are expecting the business to come to them. They need to go and promote Dubai and the market. If they won’t do this, they will not get a piece of the cake.”

Though international consultants state that nearly 26,000 to 28000 new units will enter the market by year-end in Dubai, El Chaar does not believe so.

“How is that possible? We and Emaar have given indication to the market that less than 5,000 units will enter the market. And we both control more than 50 per cent of the market… so where is the number coming from,” he asks.

At the Cityscape Global 2015, which closed on Thursday, the developer launched Bugatti-designed villas in Akoya Oxygen development in Dubailand. Starting prices for these villas are Dh36 million.

The developer, as of March 31, 2015, has delivered almost 14,000 homes and has a development portfolio of over 37,000 units at various stages of progress and planning. It is currently working on two major master developments which are Akoya by Damac and Akoya Oxygen in Dubailand.