Dubai headed for another slump within 18mths says Abu Dhabi chief - Property - ArabianBusiness.com

Dubai headed for another slump within 18mths says Abu Dhabi chief - Property - ArabianBusiness.com:

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The head of an Abu Dhabi real estate firm backed by the Mubadala Group has predicted Dubai’s property sector will hit another slump in 18 to 24 months, saying the change was inevitable in an emerging market.
Speaking on a debate panel on the first day of Cityscape Global, Faris Mansour, director of Mubadala Pramerica Real Estate Investors, which is 50:50 joint venture between the Abu Dhabi investment vehicle and Pramerica Real Estate Investors, said “there’s no reason why as an emerging market we should expect there to be 10-year real estate cycles”.
He said emerging markets, moved in short, sharp cycles, reflecting the movement of capital, as proven over the years around the world.
“We should expect that to happen here as well,” he said.
“And that’s not to say it will fall necessarily as it did before. But it will fall, it will correct and this is something we should all expect to happen and I expect it to happen in the next 18 to 24 months… as capital becomes more expensive globally.”"

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