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Overseas Property News
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UAE property prices expected to fall further
Country: UAE
7 July 2009 Over 60% of people interviewed for a recent online poll believe that UAE property prices will fall by a further 20-30% this year. A survey conducted by Arabian Business asked its readers whether they thought the property market had bottomed out, with only 5% believing it actually had. Alternatively, a resounding 63.4% of people thought that prices still have a further 20-30% fall to come. The worst price falls in the UAE have so far been recorded in the Dubai property market, where values have fallen by up to 50% over the past year, one of the greatest property price falls in the world. The market in Dubai is mainly suffering from an oversupply of homes, a depreciating population, and growing unemployment levels, which is placing a downward pressure on residential prices. The poll comes as a blow to the UAE property sector, following a rather more optimistic survey conducted by Dubai-based Shuaa Capital last month, which showed that 19% of investors believed that the market had already hit the bottom. Only 6.1% of the people polled in the Arabian Business survey said that they optimistically thought that the market had already bottomed out and was now on the road to recovery. The remaining 25.6% said that they never expected property values to change between now and the end of the year.
See Also: Marc Da-Silva, Overseas property Investment news, UAE
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DUBAI GATE 2
JUMEIRAH LAKE TOWERS
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18TH FLOOR FANTASTIC VIEWS
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