Dubai Real Estate Recovery by Q3 of 2010

Real estate has started showing good signs and it signals the increased activity on the real estate front. These signs are showing that the property sector in Dubai is likely to get improve a little by late 2010. Dubai is currently facing global liquidity crunch which will take some time to vanish off completely. Currently the grip of this liquidity crunch is tight enough. The CEO of Asteco, Elaine Jones recently said that: “The recent announcement of the issuance of a six-month visa to property purchasers is a very short notice for buyers to stay in the market. It should be for a longer time. One cannot do much without a visa in this city. One cannot apply for Dubai Electricity and Water Authority facilities and there is no point in selling a property if you cannot have people live in it.”

Steven Henderson, who is a partner at law firm Clifford Chance said: “The next few months will be very quiet with little real estate activity in Dubai. However, by the end of this year we could see a number of consolidations of developer companies through mergers and acquisitions. Recovery can be expected towards the third quarter of 2010."

Thus, Dubai real estate is on the new road for its recovery and the real estate market will soon witness some green shoots of recovery according to a panel of experts in the industry.