【出版时间及名称】：2010年3月中东北非房地产行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：31
        【目录或简介】：
Indicators we track for the Dubai property market, and to a lesser extent Abu Dhabi,
remain broadly negative. Most tellingly transaction volumes are down 74% y-y from
the peak in January 2009 and 49% below the average monthly volumes over the last
2 years. The large gap between buyer and seller pricing expectations, and the
consequently limited number of transactions, are expected to exacerbate price fluctuations
in the short-term. A continued lack of credit availability to investors and sub developers is
one of the key reasons behind the negative data points being seen.
Egyptian and Saudi property markets are in relatively better shape, with developers in Egypt
keeping prices stable to minimise cancellations of off-plan sales. Land sales in Saudi Arabia
have shown significant improvement after a weak 2009. Recent official statements lead us to
believe the introduction of Saudi mortgage laws will happen this year; we believe these may be
a significant driver of medium to longer term housing demand.
Across the region, we continue to prefer Aldar, OW(V), TPAED6.5, on stronger Abu
Dhabi fundamentals. SODIC, OW(V), TP EGP143 is our preferred play in Egypt given a
differentiated offering and strong sales momentum continuing from Q409. We see several
catalysts for DAAR, OW TP SAR19.5 in Saudi, driven by continuous land sales and cash
generation.