HSBC delivers bullish call on Dubai real estate market

dubai real-estate market hsbc bullish
UAE
  • Date: 06/15/2021
  • Source: Arabian Business
  • Sector: Real Estate
  • Country: UAE

HSBC delivers bullish call on Dubai real estate market

HSBC Holdings has said a growing demand for larger homes during the pandemic will further boost Dubai's property market, echoing analysts at Morgan Stanley who expect the rally to last for "several years". “The reported sales rebound in Dubai year-to-date has been remarkable,” HSBC's Stephen Bramley-Jackson and Alok Baid wrote. Total number of deals in the emirate for the year stands at almost 21,000, worth $12.8bn Despite supply concerns and negative population growth, “the globally synched post-pandemic migration to larger homes is also reigniting Dubai's residential property market,” they said. HSBC raised its recommendation on Dubai's top developer Emaar Properties to buy from hold, saying the stock offered more than 90 percent correlation to property prices. Emaar, which reported a threefold increase in five-month sales, represents the “best means” of capturing the trend for the migration to larger homes, the analysts said. Business activity in Dubai has been picking up alongside a rebound in tourism and a fast distribution of coronavirus vaccines. The city has remained relatively open during the pandemic, and buying real estate is also one of the fastest ways for foreigners to get a residency permit. / Press PlayThe AB Money's fourth session examines whether real estate…