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Dubai ponders how to rebuild confidence in local real estate

Peter Cooper Seeking Alpha
Dubai ponders how to rebuild confidence in local real estate - Dubai - Real Estate - UAE

Re-building confidence in the Dubai property sector was the subject of the Cityscape Connect Business Breakfast in the Grand Hyatt this morning, and the highly professional tone of this event seemed to immediately contribute towards its objective.

However, Rome was not built in a day and confidence in the Dubai real estate sector is not going to be easy to put together after the boom which burst last September, an immediate victim of the global financial crisis, although arguably a local bubble had been growing for more than a year.

End game

The first step to re-building confidence is to see when this slump might end. Deyaar CEO Markus Giebel thoughtfully compared the Dubai slump to Singapore in 1997 which then suffered a two-year slump with prices down 60 per cent, and even 10 years later was only at 65 per cent of previous peak values.


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