Dubai: The prevailing high prices in Dubai's real estate sector are not sustainable for long and a slowdown is likely, a top asset management company chief executive said yesterday.

"Prices are bound to stop growing at this maddening scale," said Shehab Gargash, chief executive officer (CEO) of Daman Investments, on the sidelines of a press conference to announce investment in renewable energy venture. "Will it be a crash? I don't think so. I doubt we will see a significant long-term bust. But we will see corrections."

As long as demand continues to grow, the real estate sector will witness growth and prices will rise, he added. "But Dubai is no longer a straightforward build-and-sell proposition."

In recent weeks, the real estate sector in the UAE has been under the spotlight for various reasons, including a much discussed, and criticised, Morgan Stanley report which said that Dubai is headed for a 10 per cent dip in prices in two years when supply comes online.

Gulfnews: Dubai property to cool down as sector awaits correction