Anumber of analysts have indicated that the highly speculative, off-plan luxury segment of the Dubai real estate market would be the first sector hit in a housing price slump. This does not, however, appear to concern the management of the emirate’s self-styled ‘largest private master developer’. “The underlying fundamentals are quite sound, not only in Dubai but across this region,” said Peter Riddoch, CEO of DAMAC Properties. “Dubai’s population is now about 1.8 million, maybe slightly higher. By 2011 it is predicted to reach 4.5 million. Its tourism figures are projected to grow from 6.8 million last year to 15 million in 2015. If you look at all those dynamics, we are still on very solid foundations with a lot of upside potential,” he said. Clearly, DAMAC hopes to capitalize on that upside potential via its portfolio of 670 million square feet of property under development. Yet various pitfalls have
