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Wed 22 Jul 2009 07:44 PM

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Dubai, Abu Dhabi real estate markets set to strengthen

Tameer president hopeful of year-end improvement as financing increases.

Dubai, Abu Dhabi real estate markets set to strengthen
MARKET UPTURN: Tameer Holding Investment president hopeful of strengthening of Dubai and Abu Dhabi real estate markets by year-end. (Getty Images)

The real estate market in Dubai and Abu Dhabi could become stronger by the end of the year as availability of finance improves, the president of developer Tameer Holding Investment said on Wednesday.Competition among different property developments would intensify now the property market in the UAE had bottomed out, said Federico Tauber.

“We are seeing sales and investment not seen four months ago,” he said.

“To have a massive recovery depends on financial sector support and this is becoming better. The end of the year, maybe next year, we are envisaging a stronger market.

“The market will differentiate between developers and developments in the future and we have to understand the demands of the market.”

Dubai’s infrastructure development would help the emirate emerge from the global financial crisis stronger than other parts of the world, said Tauber.

Dubai-based Tameer had AED20bn projects underway in Dubai and Abu Dhabi, with 90 percent of developments already sold to investors and end-users, he said.

“Investors are already coming in with their own equity and cash to invest in Dubai again,” said Tauber.

“Dubai has wonderful infrastructure and when you compare to any other part of the region, even the world, Dubai has the features to be successful.

“No one can escape the crisis but I’m sure Dubai will be one of the places in the world where it will come up out of the crisis in a good position.”

A property slump starting late last year in both Dubai and Abu Dhabi has meant the UAE has been hard hit by the financial crisis, with projects shelved and banks reining in lending.

Arabian Business: why we're going behind a paywall

The Don 11 years ago

On the article (Tameer investor threat will become clear in September) you will find a different picture doesn't support Mr. Tauber's optimistic predictions for the market. What a confusing mess

GM 11 years ago

Ha-ha-ha. Another day another real estate recovery story.

gordon robertson 11 years ago

Hmmm falling rents, falling population, rising supply = rising prices. Is this a new paradigm in the property investment world? They will be teaching this new financial model for years to come? Unless it is still the old model, falling population, rising supply and falling rents = falling prices. Gordon

sandman 11 years ago

Ice Cream Shop says " Ice cream is yummy & good for you" Second-hand Car Salesman says " One careful, lady owner, low mileage & no accidents" And, believe it or not, another talking-head at a large, leveraged-to-the-hilt, severely-stretched and over-exposed Property Development company says that....wait for it......the Property Market in the UAE is tip-top, super-duper and on-the-way-up!! Wow....breaking news indeed!!!!!!!!!!!!!!!

shakespear 11 years ago

Another moronic comment from an absolutely clueless disillusioned real estate exec.

Dr Paul Goodwill Ambassador to my Auntie Margaret 11 years ago

The real estate industry lost any credibility when after a couple of years of saying 'absolutely, positively, definitely it will not crash', they were hit full in the face by the most monumental property crash the world has ever seen. Does anyone still listen to what they say and see anything other than desperate self-interested spin?

Pete 11 years ago

There is no real estate bubble and it will not burst any time soon, rest assured your money and investment is safe, the UAE is immune to the so called 'financial crisis' or 'credit crunch', relax and don't worry, real estate prices are shooting upwards, the banks are lending, more jobs are created everyday, everything is as planned!