Uae 'safe haven for me property investors'

The recent events within the wider Mena region have encouraged many property investors and funds back to the UAE market, which has emerged as the regional safe haven, said a real estate expert Chesterton.

The increased levels of interest from investment clients in the first quarter suggests strong underlying, long term confidence in the UAE’s real estate market, said Simon Gray, managing director of Chesterton’s Mena operations.

This has shown that despite the effects of the global downturn on property prices, there remains a strong fundamental confidence in the market and its medium- to long- term prospects, he noted.

“The general consensus is that the Dubai markets are close to bottom of the downward cycle as supply reduces across all asset classes over 2011, whilst Abu Dhabi is still witnessing a strong supply chain meaning that both cities are witnessing continued downward pressure on both price and rental levels, giving investors further pause for thought,' he added.

Source: TradeArabia