Opportunities remain, says Swicorp chief

SWEET SPOTS: Investors should look at opportunities in the affordable housing sector. (ITP Images)

Middle Eastern property investors should look at emerging ‘sweet spots’ in the affordable housing sector as the credit crisis deepens in the region, Kamel Lazaar, chairman of Saudi-based private equity firm Swicorp, said on Tuesday.

Speaking at a conference during Cityscape Dubai, Lazaar said the global credit crunch was beginning to impact the region, but investment opportunities remained.

“We are going to see far reaching consequences in our markets, it’s a time to consolidate our gains, but in the crisis there are sweet spots such as affordable housing in Saudi Arabia, the UAE, Algeria and across the MENA region. They represent tremendous opportunity for the real estate sector,” he said.

The global liquidity crunch is now being felt seriously, with the higher cost of capital and debt impacting the region, he added.

“Debt is becoming more and more difficult to secure and this will have a far reaching impact in the coming weeks and months,” he said.

Dubai is hosting its annual real estate exhibition, with thousands of investors expected to attend the four-day event.

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