Real estate in the UAE 'is recovering'

The cost of real estate in the United Arab Emirates (UAE) is continuing to recover after a drop in prices, according to an expert.

Elaine Jones, chief executive of estate agency Asteco, said interest in property in Dubai and the surrounding area is about "cash and confidence".

She added that reducing interest rates, relaxing lending criteria and addressing the residency visa issue are all factors which are contributing to a rise in popularity.

"Will at least start to bring back much needed confidence to the market and begin to stimulate growth," Ms Jones asserted.

The specialist was speaking at the Cityscape Connect business breakfast, which brings together more than 100 developers, executive and advisors on real estate in the UAE.

Steven Henderson, a partner in legal firm Clifford Chance, concluded that Dubai has introduced Escrow accounts and the Strata law, but a federal law for real estate in the UAE would also help to restore confidence.