More than half of Dubai’s $10bn bond distributed
Plus, Arabtec suspends, delays projects worth AED4bn, Dubai property prices to fall further, Dubai’s new cricket stadium to host first match, NBK reports net profit of $218m for Q1
April 22, 2009 12:00 by Aarti Nagraj
Dubai house prices could fall 70 percent from a fourth-quarter peak because investors may not re-enter the market, global financial bank UBS has said in a report. “In our view we are still in relatively early stages of the property down cycle in the UAE,” the bank said.
UBS said Dubai’s population was likely to fall 10 percent in the next two years because of job cuts, and that average house purchase prices could fall from AED1,850 per square foot in the fourth quarter of 2008 to AED500.