UAE property market shows signs of bottoming out.
A new survey from the HSBC has stated that the UAE property market is showing increasing signs of 'bottoming out' during the period April to May 2009. Figures for the period, which were released late last week have shown that the agreed prices for transactions for property in the UAE have risen 4% and %5 respectively for the month's April and May.
David Lepper, Head of UAE Equity Research, HSBC Global Research, said: 'Market data from April and May show a range of positive indicators: agreed property sale prices are rising, volumes are holding up well, and banks have loosened their lending criteria.
However, we will not be able to discern a sustainable trend until later in 2009, and while we note these positive developments, the market as a whole is coming off a very low base, given the sharp declines since the market peak. Credit growth remains subdued, and the UAE economy still has challenges to deal with.'
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