Housing shortage 'will support Dubai market'
The lack of housing in Dubai is likely to support the property market in the emirate for some time to come.
At least this is the opinion of an analyst at HSBC, who told the Financial Times that the shortage of homes coupled with a rising population meant that the property market should be sustained.
Majed Azzam commented: "We don't see a danger any time soon."
"[Dubai's] population is growing very fast and the developers are not delivering on time," he added.
Mr Azzam called the market in the city "very tight" and said that the number of houses that are occupied is still very high, which meant that a strong demand for homes remained, which is likely to be good news for those with investment properties.
A senior financial analyst at Global Investment House recently told Reuters that the idea of a sudden correction in the housing market in Dubai was "far-fetched", asserting that the government would not allow prices to drop significantly.
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