UAE property outlook 'encouraging' for 2019 after cautious approach last year - The National:
While the pace of new project launches eased last year as developers adopted a more cautious approach in response to market conditions, the outlook for 2019 is “encouraging”, a new report from property services firm Asteco found.
According to Asteco’s UAE Real Estate Report Q4 2018, transactional volumes and values declined across all sectors and emirates, although a number of government initiatives, including residency visa changes and 100 per cent ownership of companies outside free zones, will have a positive effect on the market this year.
"While the downward trajectory in the real estate market for the short-term is unavoidable due to tepid economic/market conditions and the expected supply glut, the outlook for the medium and long-term for the UAE is encouraging, fuelled by a pro-active government response and clear focus on economic progress and sustainability,” said John Stevens, managing director of Asteco.
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