Investors think high of recovery in oil rich countries
Dubai's struggling real estate segment made some positive recovery, reporting an improvement in the market conditions in last six months on account of improved investors' sentiments. Property consultancy Jones Lang LaSalle (JLL) said that other Islamic countries, including Abu Dhabi, Saudi Arabia and Qatar, have shown signs of recovery in the property market and are speedily heading for recovery beating slowdown.
According to the JLL survey of 225 top investors, Abu Dhabi is expected to report more than satisfactory performance over the next 12 months. The consultancy added, "Short-term challenges still weigh on Dubai but superb infrastructure and better value ensure a bounce back at some point. For over a quarter of respondents Abu Dhabi remains the most attractive investment environment of all the major markets in the region."
The real estate service consultancy believes that investors are more confident about speedy recovery of the Middle East property market, claiming that Asia Pacific will perform better that any other region. Investors are more confident of speedy recovery in the oil rich markets, given their strong economic fundamentals.
Ian Ohan, head of MENA investment transactions at Jones Lang Middle East said: "Investors feel significantly more positive about the value proposition of Middle Eastern real estate, and 2010 is shaping up to be the vintage year for real estate investment in the MENA region."
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