Property analysts and executives in the Middle East are looking to 2009 as a good year, despite many predictions of an overall slowdown in global real estate. It appears that oil prices have bottomed out and, with them, property prices as well. As prices rise there will be an increasing amount of investment in the Middle East once again and real estate will regain its footing.
Adnan al-Haddad, chief executive of the Group Gulf Company noted that the Kuwaiti market will be among the strongest, as there is still plenty of activity in property companies. The laws in the country have been reformed so that banks can lend to buyers once again, and activity is expected to pick up throughout the year.
In Dubai, Mohamed Alabbar, chairman of Emaar Properties, believes that the year will present new opportunities for his company and investors. He indicated that there are challenges ahead, but that the company is ready for them. “’Emaar will face these challenges with confidence and we will focus our energies to adapt to the changing circumstances,’ he said. “Our strategy of business segmentation and geographic expansion has proven its effectiveness, and we will continue along this path.”
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