Dubai Needs 20 Months to Eliminate Oversupply, Emaar Chief Says

Dubai real-estate prices will continue to drop as the United Arab Emirates’ second-biggest sheikhdom absorbs an oversupply of homes and offices, said Mohamed Alabbar, chairman of Emaar Properties PJSC.

“We need 20 months or so to go over the excess supply,” he said during a panel discussion at the Bloomberg Link Real Estate Briefing today in New York. “Rates in Dubai about a year and half ago were a little higher than New York, which is abnormal.”