The on-going recession witnessed in the US or Europe, will not hit the property sector in Dubai, due to the pace of leadership in the country, assured a top official in Dubai.

The Managing Director of Dubai Real Estate Institute, Salem Al Shafiei, when speaking to the media, said “Other countries have waited for long time, before they stepped forward to do anything. But, the Dubai government has already taken preventative measures. It is a matter of credit to the leadership, that the UAE economy, Dubai in particular, has not had a significant impact.”

Speaking to the Gulf News yesterday, Al Shafiei, is reported to have said that the government is implementing practical steps to make sure that the global events do not leave a cascading impact in UAE.

Although the situation around the world doesn’t seem good, the situation in the UAE and the wider Gulf looks more optimistic and promising, he clarified.

The UAE continues to witness considerable demand within its local property market, and the sales continue to remain strong, said Tessa Morris, Marketing Director for Organizers, R&R Property Show, DSL Exhibitions.

The housing market in Dubai is transforming the otherwise-greedy, speculative nature of the market to a consumer-oriented market. This has led to a healthier economy, which will allow the mid-income sector to survive here, Al Shafiei explained.