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UAE real estate recovery two or more years away
- United Arab Emirates: Sunday, November 01 - 2009 at 12:42
Boston Consulting Group Middle East has said that it does not expect prices in the country's real estate sector to recover for another two or three years. Dr Reinhold Leichtfuss, senior partner and managing director of the company said property prices have not yet reached their bottom. "The property market in the UAE, along with other emerging markets, will continue to be quite volatile because it is difficult to predict exactly when or what kind of a turnaround it will be for Dubai for instance," he told the Emirates Bankers' forum. The reluctance of banks to lend is also limiting demand, he added.
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StaffSunday, November 01 - 2009 at 12:42 UAE local time (GMT+4)
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