Arab real estate markets at risk

by Mohammed Ezz edDin Tuesday, 16 September 2008

Real estate growth in Arab countries may be affected by the decline in global markets and the credit crunch, an official at the Arab Administrative Development Organization (ARADO) said.

"Arab investors are worried now about the possibility of the recent US and international mortgage and credit risk problems affecting the local [real estate] markets," Rafat Abdelhalim Alfieri, ARADO's director general, told newswire Reuters.
Even with surpluses, ready-to-invest capital, increased demand and political stability, Arab property markets need to enact changes to management, mortgage financing and environmental requirements, he said.

Arab governments should update and issue new transparent laws to organise property markets to maintain the recent growth pace, he added. (Reuters)



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