Citi upgrades its Global Economic Outlook and Strategy
28/11/2012
According to Farouk Soussa, Chief Economist of Global Bank Citi for the Middle East, he said that upgrading the bank’s Global Economic Outlook & Strategy is mainly on the back of the so-called ‘reassessment of the growth prospects’ both in construction and real estate sectors.
In Dubai, based on the research from Jones Lang LaSalle, an International Property Consultancy Firm, the property market has witnessed a steady recovery since the first quarter of the year, in which a number of positive signs were shown, including the villa prices that rose around 20 per cent in Q1 2012; availability of some financial institutions; rental rates; occupancy rates; increasing number of recommencing the stalled projects; and a number of new realty projects being announced.
Moreover, he said that the Emirate’s Gross Domestic Product (GDP) is being forecast to be approximately around 4.6 per cent in the following year and 4.9 per cent in 2014. So far, the bank has previously forecast a shrinking of the building and real estate industry for this year 2012; but it has revised such forecast in order to show the growth of 2-3 per cent that helped the company’s overall GDP forecast for the UAE to 5.1 per cent compared to 1.9 per cent in the previous year.
Lastly, he concluded that the introduction of the new mortgage law in Dubai could transform the stagnant mortgage market in particular; even if there are some cautions which are given an encouragement in housing demand.
In Dubai, based on the research from Jones Lang LaSalle, an International Property Consultancy Firm, the property market has witnessed a steady recovery since the first quarter of the year, in which a number of positive signs were shown, including the villa prices that rose around 20 per cent in Q1 2012; availability of some financial institutions; rental rates; occupancy rates; increasing number of recommencing the stalled projects; and a number of new realty projects being announced.
Moreover, he said that the Emirate’s Gross Domestic Product (GDP) is being forecast to be approximately around 4.6 per cent in the following year and 4.9 per cent in 2014. So far, the bank has previously forecast a shrinking of the building and real estate industry for this year 2012; but it has revised such forecast in order to show the growth of 2-3 per cent that helped the company’s overall GDP forecast for the UAE to 5.1 per cent compared to 1.9 per cent in the previous year.
Lastly, he concluded that the introduction of the new mortgage law in Dubai could transform the stagnant mortgage market in particular; even if there are some cautions which are given an encouragement in housing demand.
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