In a speech in Dubai the CEO of Dubai-based Wasl Asset Management Group, Hesham Al Qassim, said that the Emirate’s real estate sector is undergoing a healthy market correction right now which confirms its maturity.
Al Qassim said that he is optimistic with Dubai’s property sector future saying that continued stability is likely over the coming years.
He added that the real estate sector in Dubai is backed by the robust economy of the UAE expecting the current corrections to last until the end of 2016.
In another respect, Al Qassim said that more affordable houses are needed in Dubai as the injection of new provisions of this sort will add more stability to the market.
It’s worth mentioning that Wasl Asset Management Group has a property management and development subsidiary called Wasl Properties which owns and manages around 30,000 units across Dubai.
The company has around 24 residential projects under construction nowadays with a total of 10,400 units. The whole projects will be completed between now and 2020.