UAE hospitality and retail 'on path to recovery'

05/07/2011 - Dubai Investment News Posted by Neil King
UAE hospitality and retail 'on path to recovery'

Property investors with portfolios in the Middle East could be among those relived to hear of growth in Dubai's retail and hospitality sectors.The latest research published by Jones Lang LaSalle has shown that both sectors are "on the path to recovery".However, at the same time, the real estate specialist claimed that the office and residential sectors are in a "race to the bottom".Craig Plumb, head of research at Jones Lang LaSalle Mena, commented: "Considering all real estate sectors in Dubai, performance was mixed this quarter, with some sectors … on the way to recovery, while others continue to decline."With GDP forecasts at five per cent for 2011, Dubai's economy is already recovering and general market confidence remains buoyant, which is illustrated by the oversubscription of Dubai government’s new $500 million bond issue."The expert added that as a result of improving investor confidence and increased liquidity, the firm anticipates "progressive stability for most asset types".