A bounce in the earnings and share prices of some United Arab Emirates real estate developers suggests the worst is over for the sector, but does not indicate a full-fledged recovery because property buyers remain very cautious, analysts say.
Property prices in Dubai fell 50 percent or more in the last several years, hit by the global financial crisis and the emirate's own corporate debt problems.
But a new report by consultants Jones Lang LaSalle said Dubai saw pockets of growth in residential housing prices in the first quarter of 2012 compared to a year ago, while office rents were bottoming out.
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