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Mid-priced property would fare better in correction
- United Arab Emirates: Monday, September 29 - 2008 at 12:33
If a correction in the UAE real estate market is imminent, it will be high-end property values that suffer most rather than mid-range, according to Mohammed Nimer, CEO of MAG Group Property Development. With increasing warnings of a downside correction, it will be the luxury properties - which were and still are more attractive to speculators - that will be hardest hit, he says. 'In comparison, the mid-range market will be more stable if and when the downturn comes, as people buying mid-range apartments are owner-occupiers, doing so in the main to live in them as homes rather than looking for short-term gains,' he added.
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Jeff Florian, Senior ReporterMonday, September 29 - 2008 at 12:33 UAE local time (GMT+4)
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