During a recent Cityscape Connect forum, a panel covering the industry spectrum from investors to real estate agents agreed that Dubai’s property market would start to see green shoots sometime between January and June 2010.

Mohammed Nimer, CEO, MAG Group Properties, said: “The recovery will be gradual and sustainable. The fundamentals are sound, property is becoming more affordable through basic supply and demand, which in turn cuts business costs whether its commercial rent or employee housing allowance.”

According to Nimer, the key economic indicators are still positive and improving as we move into the second half of the year. The IMF is forecasting UAE economic growth of around +3%. The gap between loans and deposits at UAE banks narrowed in May to Dh31bn, a decrease of nearly Dh5bin since April. The figure had stood at Dh90bn at the start of 2009.