Dubai property market to continue growth says Dubai Land Department

Contrary to recent reports suggesting a decline in Dubai property prices by 2010, the Dubai Land Department has suggested that the Dubai property market will in fact continue to grow, with the major impact being a minor correction in profits over the next few years.

Dubai's Real Estate Regulatory Authority (Rera) CEO Marwan Bin Galita said: "There will be a correction in some places, but a correction in profit only. Rather than making 20 per cent profit, maybe investors will make five per cent profit. What have they lost?"

Sultan Bin Butti Bin Mejrin, director general of Dubai Land Department (DLD), notwithstanding such negative reports, Dubai's real estate market will remain robust. "In 2007, they said prices would go down. And the recent reports say prices will go down. But I said then it will be a very strong market. And it is," Bin Mejrin said. He said the property market here continues to be healthy with the Land Department registering Dh200 billion in transactions so far.