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Gulf real estate outlook positive
- Wednesday, February 27 - 2008 at 07:12
A new report from Moody's Investors Service has found that despite a number of sector risks, real estate market growth in the Middle East is expected to continue, based on fundamental factors that indicate that demand for new housing, office and retail space is likely to outpace supply in the medium term, reported Gulf News. The report said the Gulf real estate market has a number of characteristics that make it unique compared with more mature markets. On the positive side is the large-scale availability of land, which is made available to many master developers either for free or at very favourable prices, and the significant growth of the markets, fuelled both by speculative investors but also more sound fundamental factors, which have allowed developers to fund large parts of their projects from off-plan pre-sales proceeds. On the other hand, many property companies in the Gulf are heavily exposed, both regionally to a certain country or even city, and operationally to a handful of large projects. Such exposure to a single market acts as the largest constraint on companies' creditworthiness, the report said.
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Jeff Florian, Senior ReporterWednesday, February 27 - 2008 at 07:12 UAE local time (GMT+4)
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