Dubai property stocks rising again

Gains across property stocks led the Dubai Financial Market to rise the most in a week as traders look towards second-quarter earnings for direction.

Bellwether stock Emaar Properties was the among the most heavily traded companies, even though it is expected to write off a substantial amount in its stake in Dubai Bank, now owned by the Government. Analysts said any negative sentiment from the move had already been priced in. Shares in the company gained 1.7 per cent to Dh3.03.

Market commentators have largely agreed that the Dubai property market is in a better position than Abu Dhabi's because of the readiness of companies to hand over commercial and residential buildings at a faster rate.

"We're seeing some price stabilisation [in Dubai] which is not the case in Abu Dhabi," said Jad Abbas, a property analyst at EFG-Hermes.

Source: AlBawaba.com