Deyaar to unveil new projects as Dubai property market picks up

Dubai’s real estate developer, Deyaar, is set to unveil a 500m dirham residential project in the Business Bay district (pictured). (File photo: AFP)

The Dubai property firm Deyaar is set to unveil two new developments this year, including a 500 million dirham residential project in the Business Bay district, according to company CEO Saeed al-Qatami.

Details of the second project have yet to be released, but al-Qatami said the developer would be continuing with projects that were frozen after the 2008 real estate slump, which saw Dubai property prices tumble by up to 65 percent.

“There were a number of projects put on hold after the crisis and now we’re going to start bringing those projects back,” al-Qatami told Arabian Business, without identifying particular estates.

The news emerged as property consultancy Knight Frank said Dubai had witnessed a 21.1 percent increase in residential prices in the first quarter of 2013 compared to the same period last year.

Knight Frank’s price index also showed a 9.2 percent increase in Dubai’s property prices  from the final three months in 2012 to the first quarter of 2013.

Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40