Dubai builder sees property slump lasting for another three years

Good yields: Residential skyscrapers at the Dubai Marina district of Dubai. A developer says the city enjoys rental yields of at least 6 despite the country’s property slump. — Bloomberg

DUBAI: A United Arab Emirates (UAE) developer who says he’s waiting for a market rebound before starting a US$4bil project expects the country’s property slump to run for another three years, despite the government’s moves to bolster the economy.

While a raft of state measures is taking the economy in the right direction, they’re not going to produce a turnaround in the short term, Waleed Zaabi, chairman of closely-held Tiger Group, said in an interview.