UAE property market recovery to start in 2011

The real estate market in the UAE is poised for recovery during 2011, it has been claimed.

According to one of the largest developers in Dubai, Deyaar, the property market has reached the bottom in the emirate and is ready to begin posting a steady recovery.

Markus Giebel, Deyaar chief executive, said: "In my personal opinion Dubai will see a recovery in year three, by which I mean 2011."

Mr Giebel did not speculate on whether the property market would go up or down in 2010, but he remained confident that recovery would start the following year.

"Dubai's fundamentals are still strong. If you believe in Dubai, you should believe in Dubai's real estate sector. Because if Dubai is healthy, then the real estate sector will be as well," he added.

Meanwhile, property developer Asteco has reported that there has been a shift in the type of buyers purchasing property in the UAE.

Since the economic downturn, many investors have been avoiding the property market, but now British lifestyle buyers are taking their place.