HSBC Agrees with Morgan Stanley on Dubai Property Market Rally

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UAE

HSBC Agrees with Morgan Stanley on Dubai Property Market Rally

HSBC has joined Morgan Stanley in a positive call on the Dubai property market driven by strong demand for larger homes. The bank expects the real estate rally to last several years. "The reported sales rebound in Dubai year-to-date has been remarkable,“ HSBC's Stephen Bramley-Jackson and Alok Baid wrote in a report. HSBC also raised its rating on Dubai's top developer Emaar Properties by about a quarter to 5.2 dirhams. The stock currently trades at about 4.13 dirhams.