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Depa boss sees Gulf property market revival by 2011 |
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Sunday July 26 2009
The property markets in the Middle East will start to recover
by the beginning of 2011, the head of a firm, a Dubai-based interior
fit-out giant has said, according to a report.
A
Bloomberg report on Thursday quoted Mohannad Sweid, the chief executive
officer of Depa Ltd as saying: “Slowly we will see at the beginning of
2011 or the end of 2010 the start of a good revival. “Next year will be
difficult, especially for companies that focused on one city or region.”
Depa
is doing the fit out for apartments between the 12th and 117th floors
on the middle tiers, above the Armani hotel, and below the office space
on the top section of Burj Dubai, the world’s tallest building, when
completed.
Meanwhile, 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.
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.
Depa is currently carrying out refurbishment works for
airports across the region and is on target to complete fit out works
for the Dubai Metro later this year.
Source: Arabian Business
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