Although government takes steps to stimulate economic growth, real estate market of United Arabic Emirates will not recover within next three years, Bloomberg reports with reference to developer Tiger Group.

Rent in the country fell by 30% since 2016, and growth is unlikely next two or three years, experts in Tiger Group suppose.

Federal and regional governments of UAE reduced fees for businesses, loosened visa rules and proposed a whole range of measures to stimulate economy that shows slowdown after years of significant growth. Steps that were taken help rise confidence, but not prices in construction and real estate sectors that account for 13% of Dubai’s economic output evaluated at $112 billion last year.

Economy of Gulf countries suffered from low oil prices. Sales of property in Dubai fell by more than a third to $10,8 billion in the first half.

One of the ways to help market rebounding is to offer permanent residence to property buyers from Arab countries, experts think.