The property markets in the Middle East will start to recover by the beginning of 2011, the head of a firm, a Dubai-based interior fit-out giant has said, according to a report.
A Bloomberg report on Thursday quoted Mohannad Sweid, the chief executive officer of Depa Ltd as saying: “Slowly we will see at the beginning of 2011 or the end of 2010 the start of a good revival. “Next year will be difficult, especially for companies that focused on one city or region.”
Depa is doing the fit out for apartments between the 12th and 117th floors on the middle tiers, above the Armani hotel, and below the office space on the top section of Burj Dubai, the world’s tallest building, when completed.
Meanwhile, the real estate market in Dubai and Abu Dhabi could become stronger by the end of the year as availability of finance improves, the president of developer Tameer Holding Investment said on Wednesday.
Competition among different property developments would intensify now the property market in the UAE had bottomed out, said Federico Tauber.
“We are seeing sales and investment not seen four months ago,” he said.
“To have a massive recovery depends on financial sector support and this is becoming better. The end of the year, maybe next year, we are envisaging a stronger market.
A property slump starting late last year in both Dubai and Abu Dhabi has meant the UAE has been hard hit by the financial crisis, with projects shelved and banks reining in lending.
Depa is currently carrying out refurbishment works for airports across the region and is on target to complete fit out works for the Dubai Metro later this year.