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Dubai property market to bottom out in Q3 2009
Country: Dubai, United Arab Emirates
19 January 2009
The Dubai property market is expected to bottom out in Q3 2009, but not before prices have fallen further, according to Iseeb Rehman, managing director of property consultant Sherwoods.
Speaking on a panel of industry experts at the monthly meeting of the Dubai Property Society Rehman said that once the Dubai property market had bottomed out, prices in the emirate were likely to plateau for around a year before rising again.
Fellow panellist Ronald Hinchey, resident partner of property consultants Cluttons, agreed with the sentiment, but estimated that actual recovery to anything like 2008 levels could take far longer.
“In Hong Kong 11 years ago there was a similar situation and values fell by between 40% and 60% , the same thing happened with Silicon Valley, and they still haven't quite got back to their peaks,” Hinchey said.
”Emerging markets normally look at an eight to 10 year cycle of correction, so, from 2004 we all thought that we had at least until 2012 before things started to waver. But it's better to have a correction like this in mid-cycle than to get to 2012 and have a crisis.”
Dubai property prices have fallen dramatically in recent months, owed largely to the global credit crisis and an oversupply of new homes. Cluttons estimate that up to 80,000 new apartment units are expected to hit the market in 2009, which will create further downward pressure on rental and sale prices in the city.
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