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UAE property market 'starting to bottom out', says HSBC
- United Arab Emirates: Sunday, May 31 - 2009 at 14:27
The UAE real estate market is starting to bottom out, with agreed prices for property transactions rising 4% and 5% month on month in April and May 2009, according to a new survey by HSBC. David Lepper, Head of UAE Equity Research, HSBC Global Research, said: 'Market data from April and May show a range of positive indicators: agreed property sale prices are rising, volumes are holding up well, and banks have loosened their lending criteria. However, we will not be able to discern a sustainable trend until later in 2009, and while we note these positive developments, the market as a whole is coming off a very low base, given the sharp declines since the market peak. Credit growth remains subdued, and the UAE economy still has challenges to deal with.'
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StaffSunday, May 31 - 2009 at 14:27 UAE local time (GMT+4)
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