Published: 9th September 2013
A senior executive at the Dubai property developers Nakheel has stated that the future for the Dubai property market may in fact lie in the low to middle price property markets.
Johann Schumacher, Managing Director of Palm Jumeirah, one of Nakheel most iconic projects told the Khaleej Times that falling demand in high end property in Dubai is causing a shift in the market dynamic in the emirate.
To date, the property market in Dubai has been driven by the demand for high-end, luxury apartments and villas in destinations such as the Palm Jumeirah. As such, there has been a gradual increase in the demand for low to mid-range in Dubai.
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