Dubai’s property prices to continue to fall until 2012

14 Apr 2010

(MENAFN) A poll conducted by Reuters showed that experts expect Dubai property prices and rents to drop 10 percent more in 2010, hit by property oversupply in the emirate, Reuters reported.

Investment firms and research institutions polled by Reuters expect the emirate’s real estate market not to recover until 2012, with the recommencement of some projects and completion of others which weigh on an already-oversupplied market. Experts expect prices to rebound in 2012 with a rise of 3 percent.

Dubai’s residential property prices have declined 53 percent so far from their peaks in 2008, amid the global economic slump. Moreover, the emirate shocked global markets last year when it requested a standstill on billions of dollars of debt linked to Dubai World and Nakheel.

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