Dubai developer ETA Star is focusing on the core demand for homes in Dubai to make it through the downturn, a company executive said.
Abid Junaid, the chief executive, said the market had shifted from speculators looking for a quick profit to people who wanted to own their own home. The result was the need to cater to regular people, he said.
'Our moorings are in the old part of Dubai,' he said”. 'We always focused on the end user. We knew that was what’s sustainable. We’re not the Jumeirah culture.'
For most of the year, the company will focus on delivering six buildings. After that, depending on the market, Mr Junaid said he wants to launch more middle-class housing projects and reintroduce finance schemes that help people get housing.