Increasing activity suggests Dubai realty market recovery by late 2010

Dubai's real estate sector is expected to recover by late 2010 with emerging signs of increased activity, industry sources said yesterday.

"In Dubai, we expect a recovery to happen in 2010, although it will not be a sharp one. The real estate market will be a far more matured with competitive mortgage rates and good amount of affordable housing in place by 2010," said David Macadam, Director Sales and Leasing, Better Homes.

According to Elaine Jones, CEO of Asteco, a real estate and property management company, cash and confidence are the two elements needed to bring confidence back into the real estate market in the emirate.