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Dubai home prices to drop 20 percent
Property prices in Dubai are expected to…
October 14, 2009 12:01 by kippreport
Property prices in Dubai are expected to fall by another 20 percent because of oversupply in the market, according to research released by property services firm Colliers International. The report said that 25 percent of the residential and office units were currently vacant. However, office capacity in Dubai was expected to double in the next year, it added. The report also said that home rents had fallen by 49 percent in the third quarter of 2009, as compared to the same period in 2008.
According to the Colliers, 71 percent of the 23 developers surveyed at this year’s Cityscape exhibition in Dubai said that they believed the property market had not yet bottomed out.