The head of Deyaar, Dubai’s second-largest developer, has claimed that the real estate market will post a recovery in 2011, the third year after its initial crash.

“My personal belief is that Dubai has reached the bottom,” Deyaar CEO Markus Giebel told reporters at a roundtable in Dubai on Monday. “I cannot tell you whether the market will oscillate five percent up or down this year, but I can tell you that it won’t go 20 percent up or down.

“In my personal opinion Dubai will see a recovery in year three, by which I mean 2011.”