Emaar's Alabbar predicts 'nice balance' for Dubai property market amid supply boost and easing prices
The property market in Dubai is set for a “nice balance” next year despite softening due to the Iran war, as the sector goes through a period of adjustment, Emaar Properties founder Mohamed Alabbar has said. “I'm getting ready for 2027,” Mr Alabbar told delegates at AIM Congress in Dubai on Monday. “A lot of supply is coming in, so I think there'll be a nice balance in the city.” When asked to…
Emaar Properties founder Mohamed Alabbar has expressed optimism about Dubai's property market, predicting a "nice balance" next year despite the impact of the Iran war. "I'm getting ready for 2027," Mr Alabbar stated at AIM Congress in Dubai. He explained that a significant amount of supply is arriving, leading to a need for adjustment.
Mr Alabbar estimated an adjustment of 5 to 10 percent due to the ongoing conflict, but acknowledged that the situation could change rapidly if it stabilizes. Emaar, the largest listed developer in the emirate, has not resorted to discounts to mitigate the impact of the war. The developer maintains strong cash flow and a substantial cash position, enabling it to weather the crisis.
Mr Alabbar emphasized that the conflict is similar to other geopolitical crises, such as that in Ukraine, and that businesses built for the long term can withstand these challenges. In June, Emaar announced an "extraordinary" Dh200 billion ($55 billion) megaproject in Dubai, set to house nearly 150,000 people. The developer believes that crises typically have a shorter lifespan, and with its strong financial position, Emaar is prepared to expand despite the current uncertainty.
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