Dubai Builder Sees Property Slump Lasting for Years - Bloomberg

Dubai Builder Sees Property Slump Lasting for Years - Bloomberg:

A United Arab Emirates developer who says he’s waiting for a market rebound before starting a $4 billion project expects the country’s property slump to run for another three years, despite the government’s moves to bolster the economy.

While a raft of state measures is taking the economy in the right direction, they’re not going to produce a turnaround in the short term, Waleed Zaabi, chairman of closely-held Tiger Group, said in an interview.

“The government is aware of the challenges and the rulers are prioritizing economic development,” said Zaabi, whose company owns thousands of apartments in the country. “This is positive. But rents are down 30 percent since 2016 and it will take two or three years before prices start increasing.”