House prices in Dubai to stabilize by Q4
Property prices dropped by...
August 3, 2009 2:34 by Aarti Nagraj
Residential prices in Dubai’s property market may stabilize by the fourth quarter of 2009, according to property consultants, Colliers International. Property prices dropped 9 percent in the second quarter of the year as compared to the first quarter, said a report by Colliers. In the first quarter of 2009, prices had fallen 41 percent from the fourth quarter of 2008.
“We would hope that by the fourth quarter, we would have arrested the decline and are looking at stabilization,” Ian Albert, Colliers’ regional director told Reuters. “I don’t think you can disconnect Dubai from the global community. Any positive news from around the world will have a positive impact on Dubai.”