# Very High Prices for Dubai Marina



## Krazy (Apr 27, 2004)

*Dubai rents will cool down says developer*

Dubai

A major Dubai developer has predicted that rents in the city, which of late have been skyrocketing, will eventually come down, a report said.
"Some 40,000 apartments and villas are being built in Dubai. The Discovery Gardens and the Lost City will be ready in two years' time and the Gardens shopping mall will open in a month' time. Rents have to come down (because) it is not good for the Dubai economy," Sultan Ahmed bin Sulayem, Executive Chairman of Ports, Customs and Free Zone Corporation (PCFC), and Chairman of Nakheel, was quoted as saying by Khaleej Times.

"Some say that it is bubble. There is no bubble. (Even if there is) bubble is also good. Prices will come down, properties will be cheaper. It won't be bad," he said, referring to the fact that Dubai's investment in numerous commercial clusters has been sparking some concerns recently that a real estate bubble may be inflating and that commercial property over-capacity will become a serious problem, the report said.

Speaking at the launch of the Dh50 million Pacific Controls Systems green building at Dubai Techno Park, he said the ongoing World project might use solar air-conditioning and solar lighting in some of its "islands" if the new technology launched at Dubai Techno Park proves to be efficient and beneficial for the development.

"In our World project the energy is a problem. We are using diesel. If the new technology brought by Pacific Controls Systems proves to be saving energy, we are ready to utilise it in some of the islands within our World project," he said.


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