Dubai Builder Sees Property Slump Lasting for Years
- Rents declined about 30% since 2016: Tiger Group chairman
- U.A.E. permanent residency could spur Arabs to buy homes
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A United Arab Emirates developer who says he’s waiting for a market rebound before starting a $4 billion project expects the country’s property slump to run for another three years, despite the government’s moves to bolster the economy.
While a raft of state measures is taking the economy in the right direction, they’re not going to produce a turnaround in the short term, Waleed Zaabi, chairman of closely-held Tiger Group, said in an interview.