‘Property booms are good for UAE economy’, says Damac boss | The National

‘Property booms are good for UAE economy’, says Damac boss | The National:



"Property booms are good for the UAE’s economy and for its residents, says the boss of one of the region’s biggest developers.



Ziad El Chaar, the managing director of Damac Properties, told The National: “Property booms lift economic activity and are good for personal wealth levels. They generate income for the government and stimulate the multiplier effect for more investment in the property market.”



His comments come after warnings from the UAE’s Central Bank and from the IMF of the dangers of “overheating” in the UAE property market, which resulted in prices rising by nearly 28 per cent last year, according to official figures."



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