| 12 Jun 2009 |
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Deutsche Bank rates property
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Emaar PropertiesEmaar Properties
, the UAE's largest developer, and RAK PropertiesRAK Properties were rated "buy" as Deutsche Bank initiated coverage on six of the country's real-estate companies.The bank recommended investors "hold" shares of Aldar Properties, Deyaar DevelopmentDeyaar Development
and Union PropertiesUnion Properties, according to a note to investors dated June 10. Deutsche Bank started coverage of Sorouh Real EstateSorouh Real Estate
with "sell."Property prices in the UAE may decline as much as 20 per cent, Deutsche Bank also said.
"We expect UAE property prices to decline another 15 to 20 per cent from current levels and only expect a bottom by year end," Dubai-based analysts Nabil Ahmed and Athmane Benzerroug wrote in a report.
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