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Dubai house prices to drop further
House prices in Dubai are set to fall another…
October 5, 2009 3:23 by kippreport
House prices in Dubai are set to fall another 10 percent in 2009 because of the financial crisis, according to a poll conducted by Reuters. Residential property prices in the city are yet to reach the bottom and have a 20 percent chance of recovering before 2011, according to the forecast of analysts at banks, investment firms and research institutions.
The Reuters poll also found that house rents in Dubai are expected to drop by 45 percent in 2009, and a further 10 percent in 2010.
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1 Comment
I believe the fall in 2010 will be greater than 10% projected, because more and more newer units will be available for use and owners will be desperate to let them out at lower rates to recover at least a part of their investment return.