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Citigroup real estate report states slowdown more likely than collapse

Dubai's real estate sector is to experience a slowdown, but avoid an all-out collapse, according to a new report by US-based Citigroup.

The report's main finding are that liquidity tightness is more likely to slow rather than collapse Dubai's economy. As a result, its outlook for Dubai real estate – particularly government-backed developers – remains positive.

In particular, the report states that concerns that have been raised over the viability of the local Emaar's projects have been deemed too harsh. In spite of any specific percentage fall in property prices, land prices rose approximately 50 per cent in the first half of 2008, therefore there is little change overall.

Source: MEED