Saturday, July 25, 2009

UAE real estate sector recovery likely in 2010

According to the latest quarterly Harbor Report, to be issued end of this month, the real estate sector will begin recovery early next year. The report has been issued by Harbor Real Estate, a brokerage company, also an integrate real estate service provider in Dubai.

The report indicates that although the market seems to have bottomed out, it will take many more months until we see an improvement in the market.

The Managing Director of Harbor, Mohanad al Wadiya, mentioned that the market is in a phase of fragile stabilization, and it is hard to predict at this stage, when exactly an improvement is likely, but it is generally hoped that this will happen during early 2010, although the pace of recovery is largely dependent on the global economic recovery and world economic events.

When the first half of Harbor Report was issued in Q1, the general mood was rather dull. But today it is evident that although the market is stressed, it is not getting any worse, and that in itself is good news. The efforts put in by the government and corporate institutions to beat the recession are slowly gaining grounds. With economists in China, Japan and USA, talking about early recovery signs, the economic growth is now on the horizon, and it looks promising to note that things will pick up by early 2010, Al Wadiya said.

The Harbor report is a quarterly report, which was first issued in April 2009. The second report will be issued end of this month, and will explain in-depth about trends and insider views of the real estate industry. The report has already received a positive response from industry professionals in the region.

4 comments:

Maria Emile said...

Hi,

I hope so that the real estate market's position got better till 2010. because its effecting the economy and the living conditions as well the recovery of the real estate market will lead us to the better future.

Regards!
Maria Emile

Dubai Property Portal said...

Yes a study stated that Construction Sector Set to Recover in 2010 ... Its also mentioned at the news panel of Bayut.com news.

Property Portal said...

The market condition of Dubai is getting better again i wish that it get recover earlier.

Hotels Pakistan said...

Dubai is really a great place for investors. I don’t think that real estate market in Dubai will face any threat in near future. Because their population increase rapidly