Dubai property market will decline until Q2 2010, says Moody’s
Dubai's real estate sector will continue to see price drops until the second quarter of 2010...
July 28, 2009 1:39 by Dana El Baltaji
Dubai’s real estate sector will continue to see price drops until the second quarter of 2010, according to Moody’s.
“Moody’s notes that the Dubai residential property market generally remains oversupplied, and the downward trend in the market is unlikely to stabilize before Q2 2010,” the credit rating agency said in a comment related to Dubai-based developer Emaar Properties.
“Furthermore, large-scale lending has not resumed and property developers have recorded a number of buyer delinquencies,” it added.