Dubai house prices could fall further on debt crisis
The real estate market in Dubai could see…
November 29, 2009 6:19 by kippreport
The real estate market in Dubai could see prices falling further because of Dubai’s decision to delay the debt repayment of Dubai World, analysts told Reuters. “The news plays on investor psyche and house prices may slide a further 20-30 percent earlier than our existing view of second half of 2011,” Saud Masud, head of research and senior real estate analyst, MENA at UBS told the agency.
“There may likely be further job cuts as a result of any potential restructuring, and that could directly impact population outflows and result in housing oversupply,” he added.
“I think residentially there will be an impact. There will be uncertainty over liabilities for that group going forward and that will impact pricing,” said Nicolas Maclean, managing director at CB Richard Ellis.