Taher Suterwalla finds UAE realty strong despite oil crunch.
Cynicism is an easy virtue to nourish. All you need is a little skepticism combined with a pessimistic view point and you can be cynical about anything in this world. And there isn’t any scarcity of cynicism infused analysts who think the real estate sector in UAE has reached its saturation level. But as per Taher Suterwalla, who always seems to look at the silver lining of the cloud, is of a firm opinion that the market has just slowed down, but is still progressive. The size of the market is still increasing and is receiving regular investment from big companies.
The real estate sector in Dubai has slowed down a bit. That is majorly because of the measures that have been taken by the government against market overheating, strengthening of dollar, Euro zone crisis and Russian political upheavals. But Abu Dhabi on the other hand is looking strong. The real estate sector has been on a skyward journey and this trend will continue for years. The best part is that in spite of oil price crunch, the market is still sturdy. Obviously the cynics won’t realize this.
Taher Suterwalla has a strong reason of believing that 2016 will be a brighter phase for the real estate domain. UAE is still a favored tourist destination owing to its world class leisure and hospitality facilities. There has been a keen shift in focus towards affordable housing projects and mid-segment hotels. This is in order to cater to a growing number of tourists from countries like Bangladesh, Pakistan, India, China and Africa, who come with a limited disposable income. So Taher Suterwalla firmly assures that a patience of a few more months would restore investors’ confidence in UAE real estate sector.