Mohamed Alabbar, the Managing Director of Emaar Properties, stated that the real estate market remains in good condition, noting that property values continue to hold steady.
In statements to Sky News Arabia, Alabbar emphasised that the value flows into the real estate sector are ongoing, and despite a dip in share prices, the stock has proven its resilience and high demand.
He added that cash flows for real estate companies – including installment payments from off-plan buyers and the settlement of dues to contractors and banks – remain in a healthy and positive state. Alabbar explained that while real estate firms are closely monitoring these figures, which have shifted from 100% to approximately 85% at present, well-established institutions possess the capacity to cover the 15% gap following years of robust and positive performance.
Alabbar pointed out that Dubai Mall used to receive 250,000 visitors daily, and around 200,000 during Ramadan. Under current conditions, the number stands at about 180,000 visitors, figures which he believes prove the situation remains stable.
Furthermore, Alabbar noted a temporary impact on tourism, stating that being affected by events for a period of time or several months is natural, as the core foundations of the economy and institutional building are designed for the long-term and can withstand shocks. He highlighted that the return to a normal and positive state is always swift in the UAE, and its reputation remains unchanged.
He concluded by stating that the UAE enjoys a powerful economy capable of adapting to crises, noting that the current situation has proven that safety and security are constant fixtures. Alabbar expressed his expectation for an even stronger momentum once the crisis – which he hopes will end soon -concludes.
Alabbar signals real estate market stability and strong demand Middle East Construction News.
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