UAE's real estate markets remain in a slump

Dubai's real estate consultancies remain hopeful of better times ahead despite the fact that the five-year downward slump in prices shows no signs of abating. Real estate consultancy JLL said in a press release accompanying its Q2 2019 UAE Market report on Monday that the market is likely to stabilise over the next 12 months, with the economy enjoying a slight uptick in GDP growth to 2.2% in the first quarter of 2019 and a series of new initiatives such as a new freehold law in Abu Dhabi and a new 'Golden Card' offering permanent residency likely to boost demand. “Overall market sentiment should improve in the long run with the announcement of stimuli such as the new visa regulations," JLL MENA research associate Dana Salbak said in the press release.