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Lower Property Prices Bode Well for Dubai
DUBAI - The global real estate market is gearing up for a recovery, as investors consider emerging markets in the Middle East and North Africa, with attractive low prices likely to put the UAE property market back on track, according to a global consultng company, A.T. Kearney.
Based on A.T. Kearney’s 2010 Real Estate Global Opportunity Index, which weighs real estate development potential, based on construction spending and growth, and risk avoidance, a combination of a country’s risk and the ease of doing business there — MENA countries continue to improve in the Index, even as they are hit by the economic crisis. The United Arab Emirates jumped significantly, from 31st to 18th place.
“For the markets of the Gulf Cooperation Council, and specifically the UAE, which had great price declines in 2008-2009, the Asian recovery following its 1997 crisis offers reason for hope. Low real estate prices could put the UAE back on track for attracting foreign investors, who are already interested in the region for its other advantages,” said Dr. Dirk Buchta, managing director at A.T. Kearney Middle East.
Dubai, has been hit hard by the property downturn, with prices halving from their peak last year.
But Buchta said Dubai’s capacity to rebound fast should not be underestimated. “Both Dubai and Abu Dhabi recorded their best real estate results in almost a year during and since the summer. For investors, the UAE real estate sector remains cheap in relation to its global peers.”
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