Moody's gives Gulf property negative outlook

[LahoreEstate]

Middle East: Wednesday, April 08 - 2009 at 13:24

Moody's has said that the outlook for real estate in the Gulf region this year is negative, as access to funds tightens and demand declines. In Moody's Investors Service's latest report - Arabian Gulf Real Estate Market Industry Outlook - the company said Gulf residential and commercial real estate are 'under pressure due to lower demand, lack of funding, worsening consumer sentiment and risk of oversupply. Saudi Arabia was highlighted as the exception, however, because of its growing population combined with an undersupply of residential property. Long-term population growth rates, which were above 5% in the region, 'are no longer realistic in the short term and may become negative over the coming quarters' as expats leave the report adds.

http://www.ameinfo.com/news/Real_Estate/