Dubai property recovery 'could be late 2011'

A recovery in the Dubai real estate market might not happen until late 2011 as a result of subdued investor sentiment, according to a new report by EFG Hermes.

Analysts at the Egypt-based investment bank, in a report published on Wednesday, said it had expected recent clarifications from the UAE government on home ownership to improve investor sentiment.

The new federal law passed earlier this month said foreigners buying a home in the UAE valued at more than 1 million dirhams would be eligible for a six-month renewable residency visa.