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Dubai real estate market still bleak

September 16, 2009 12:01 by kippreport

The property market in Dubai will not see recovery until the second half of 2010 thanks to low buyers’ confidence and increasing focus on the rental market, says the latest report by investment bank EFG Hermes. The report says that prices in the city’s real estate market have fallen 50 percent since their peak levels in 2008, and currently, buyers are refraining from renting or selling their units because they are waiting for some improvement in the market prices.

Transactions are mainly restricted to completed properties and developments that are considered prime, says the report.

Tags: Dubai, gloomy, property market