global debt woes to curb dubai property recovery
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Global debt woes to curb Dubai property recovery

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Global debt woes to curb Dubai property recovery

Dubai - Arabstoday

A recovery in Dubai\'s battered property market, limping gradually to life after an economic slump, will be slowed but not derailed by renewed global financial woes and a European sovereign debt crisis. House prices in the emirate\'s once-booming property sector are unlikely to show a clear upward trend until at least 2014 as demand for property remains muted amid growing uncertainty, analysts said. Two years ago industry watchers were expecting the bust to last until at least 2011. Dubai, famed for extravagant projects such as the world\'s tallest tower and lavish hotels, had shown small signs of recovery with house prices rising in certain areas and the number of transactions rising. The Gulf emirate has also been seen as a safe haven as the winds of change sweep the Arab world, toppling leaders in Tunisia, Egypt and Libya. \"We are not out of the woods. The crisis in Europe will add uncertainty and if anyone is planning to buy a property here they may hold off until it is over,\" said Majed Azzam, senior analyst, real estate and construction at AlembicHC in Dubai. \"In light of the global crisis we have pushed back our expected timeline for a turnaround.\" But any severe deterioration of the global economy and the euro zone debt crisis is unlikely to have as severe an impact on Dubai\'s property sector as the recent global financial crisis, analysts and experts say. During that crisis house prices plunged some 60 percent from their peaks and billions of dollars worth of projects were put on hold or cancelled. \"Property prices in Dubai have become attractive and Dubai, and the UAE as a whole, are seen as a safe haven during this regional turmoil. This is very positive for the property market here,\" said Giyas Gokkent, chief economist at National Bank of Abu Dhabi. \"If the euro zone debt crisis deteriorates then we could see oil prices falling sharply, which would have an effect on the property sector here, but I don\'t think we will see the exaggerated falls which we saw in 2008 and early 2009.\" \"The downside is limited provided there isn\'t a conflict in the immediate area.\" Dubai house prices fell 8 percent in the second quarter from the same period last year, property consultancy Colliers International said in a recent report. \"If the eurozone gets worse then that could potentially put months or even years on to it [recovery],\" said Saud Masud, sector head real estate at Rasmala Investment Bank. \"I think it will be 2020 when we see property prices get back to 2008 levels and that will be assuming there is five or six years of robust recovery.\" Property prices soared after the emirate opened its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments. From start-2007 to mid-2008, prices rallied almost 80 percent, Morgan Stanley estimates showed. Business was booming. And three years ago billions of dollars worth of projects were launched at the emirate\'s glitzy property show Cityscape, including a 1 km-high skyscraper by one of Dubai\'s largest property companies, Nakheel.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

global debt woes to curb dubai property recovery global debt woes to curb dubai property recovery

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

global debt woes to curb dubai property recovery global debt woes to curb dubai property recovery

 



GMT 15:05 2017 Thursday ,08 June

UAE Weather: Temperature set to touch 46°C today

GMT 09:21 2012 Friday ,13 April

Chances of rain in the UAE

GMT 18:01 2011 Saturday ,12 November

Masdar set to launch Seychelles wind farm by end-2011

GMT 17:11 2017 Sunday ,19 November

South Africa eyes 2023 Rugby World Cup

GMT 21:22 2017 Saturday ,10 June

Moroccan minister

GMT 07:28 2017 Tuesday ,07 November

Now,Dubai cafes introduce special food

GMT 12:38 2016 Monday ,14 November

2016 'very likely' hottest year on record

GMT 08:03 2017 Thursday ,02 November

Abdou blames targeting Khan Yonis

GMT 10:51 2017 Thursday ,23 March

Fire damages historic Ottoman mosque in Greece

GMT 05:14 2024 Wednesday ,07 February

Sophisticated Classic Dining Room Design Ideas

GMT 00:14 2017 Friday ,13 October

Army kills mercenaries in Kahbob, Lahj

GMT 19:04 2017 Thursday ,08 June

Qatar sympathisers in Bahrain to face fine, jail

GMT 14:29 2017 Wednesday ,02 August

Man City winger Navas returns to Sevilla

GMT 10:51 2017 Friday ,26 May

Labour Minister meets Thai envoy
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice