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 such extravagant projects 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.
No comments:
Post a Comment