Iranian developer Cirrus hopes to see its Dubai property portfolio rocket to a beating Dh20 billion by the end of 2008.
Behnam Eshragh, CEO of Cirrus, said the company is generally concenrating on Dubai, because the new escrow account laws makes Dubai's development market a fair playing area.
"The laws make developers obey the rules and makes competition healthier and more attractive.”
"I see Dubai as the best place to be as a developer. Demand is great, infrastructure is growing and everything the developer can dream of is offered here," said Eshragh.
He said that according to the press, by 2011 demand for property will still outrun supply.
"There will be a demand of 240,000 and a supply of only 180,000," said Eshragh. He also said that the biggest problem in Dubai property is a lack of planning and that by starting construction on time can reduce the risk of later delays.
Eshragh said that Cirrus plans to develop around 10 million sq. ft. of land in Dubai property this year, including Waterfront and Downtown Jebel Ali, bringing their total portfolio "close to Dh20 billion" by the end of 2008.
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