Real estate in the UAE 'holding up well'

Real estate in the United Arab Emirates (UAE) is holding up well despite the recession, according to a specialist.

Abu Dhabi, the capital of the country, has seen continued progression of units in the region while many other global sectors have suffered due to the worldwide economic downturn, claimed Lee Kandalaft, deputy director infrastructure on Yas Island.

He said the development, which will host the Formula One grand prix later this year, is well on course for completion.

"We have 115 days until November 1st but we hope that within one month we can commence FIA testing. Yes, everybody in real estate has struggled but there is work. You look around and there are huge projects going up," he explained.

Federico Tauber, president of Tameer Holding Investment LLC, recently said he expects the market for real estate in the UAE to regroup by the middle of next year, which may interest potential investors.