Dubai's real estate market that remained under huge pressure due to global financial crisis is likely to bounce back in 2011 as indicated by slowly improving market conditions.

Markus Giebel, the head of Dubai's second-largest developer, Deyaar said that the real estate market has already touched the bottom and it is unlikely to fall further. He told, "My personal belief is that Dubai has reached the bottom. 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."

The Deyaar Executive said that no one can rule out strong economic fundamentals of Dubai and it would be unwise to underestimate the strength of the Emirate.

Terming the year 2010 as a year of contractors, the Deyaar CEO said that the firm, Dubai's second biggest listed developer, had less than AED100m outstanding dues toward the contactors. Giebel said that the firm would soon come up with transparent payment plans within next two or three weeks.