Developers under control: Damac Chief

08.01.2015
All of the leading developers will have mature responses to handle any shifts in market forces and the market itself has matured, says Damac's Chairman Hussain Sajwani.
Dubai's developers are in full control of supply and pricing and as a result, the chances of a sudden correction breaking out in the property marketplace is remote, says Damac Group's chief. “Three of the government owned or supported master-developers — Nakheel, Dubai Properties and Emaar — and us as a privately-held entity currently represent anywhere up to 90 per cent of the off-plan supply that will be built in the medium term,” said Hussain Sajwani, chairman of Damac. “With that kind of control in place and which also extends to setting the pricing levels, the chances of crazy things being set off and upsetting the market dynamics are remote. “All of the leading developers will have mature responses to handle any shifts in market forces. The market itself has matured.” “Now, only those projects which are suitably financed have a chance of making it to the sales stage,” said Sajwani. “Here too, the off-plan launches have been dominated by the big names and all of whom have got the track record of project completions in the last four years.

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