Mena unrest 'dampens property market'

Unrest in the Middle East and North Africa region will lead to delays and cancellations of many real estate projects and may dampen the outlook of regional property markets, a Standard & Poor's report said.

The ratings agency said political transition or potential regime changes would result in a mounting of property title disputes and business interruptions.

"Popular unrest and political upheaval in the Arabic-speaking Middle East and North Africa countries is putting a damper on regional property markets," said credit analyst Tommy Trask. "Many real estate projects, planned or in progress, in areas directly affected are subject to delays and cancellations."

Hardest hit were the leisure and high-end residential segments, it said in a report on the Middle East and North Africa (Mena) real estate markets. Some real estate companies were obligated to address damages to buildings from looting and demonstrations.

Source: TradeArabia