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Discuss this article (27 Comments)Dubai house prices seen falling another 33%
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 17 September 2009
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Dubai house prices will fall another 33 percent from current levels, despite posting a yearly drop of 47 percent, UBS said on Thursday.
Prices in the emirate will drop another 33 percent to about AED600 ($163) per sq ft, analyst Saud Masud told newswire Bloomberg.
Dubai landlords have managed to stall a slide in residential rents by keeping supply off the market, Landmark Advisory said in August.
But this will only provide investors with “a temporary respite”, the company said.
“When more inventory hits the market and someone’s apartment sits vacant for six to nine months, they are going to cave in, and that’s when we’ll see the re-pricing of assets,” Masud said.
The UAE’s real estate and construction sectors have been the hardest hit in the region by the global downturn, with a total of 566 projects currently on hold or cancelled, Dubai-based research house Proleads said on Wednesday.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
Viva la Crash
Posted by James, Dubai, UAE on Wednesday 23 September 2009 at 08:41 UAE time
I have been here a few years and, from a selfish point of view, have never had it so good. My business stayed profitable, cost of living here has dropped through the floor and I am enjoying this period in Dubai's history hugely.
Of course I do sympathise with thos that fell foul of the the downturn, but thats life really.
Posted by James, Dubai, UAE on Wednesday 23 September 2009 at 08:41 UAE time
I have been here a few years and, from a selfish point of view, have never had it so good. My business stayed profitable, cost of living here has dropped through the floor and I am enjoying this period in Dubai's history hugely.
Of course I do sympathise with thos that fell foul of the the downturn, but thats life really.
Happy Dubai Expat
Posted by Sandy, Dubai, UAE on Monday 21 September 2009 at 14:55 UAE time
Happy Dubai Expat, you've hit the nail right on the head. Agree with you wholeheartedly....
Posted by Sandy, Dubai, UAE on Monday 21 September 2009 at 14:55 UAE time
Happy Dubai Expat, you've hit the nail right on the head. Agree with you wholeheartedly....
Happy the Dubai Casino has finished!
Posted by Happy Dubai Expat, Dubai on Saturday 19 September 2009 at 20:31 UAE time
As an expatriate business owner, my business, like all businesses in Dubai, has seen a drop in revenue and profits. Yet what I can say is that this has caused many unprofessional cowboy yeah yeah companies to collapse and property prices that were at completely absolutely stupid prices to collapse.
This has forced EVERYONE in Dubai to be realistic, cleared out alot of rubbish, and has mae Dubai a far far better place to live.
Service is better, people are beginning to understand customer service, and its absolutely glorious to be able to view a property and have the agent call you back rather than have he/she tell you, "take it now or someone else will and tommorrow the price will be 10% more"
Anyone who thinks that what we previously experienced is "normal" frankly is a complete fool.
As long as the quality of living in Dubai continues to increase (which it is now) Im staying right here!
Posted by Happy Dubai Expat, Dubai on Saturday 19 September 2009 at 20:31 UAE time
As an expatriate business owner, my business, like all businesses in Dubai, has seen a drop in revenue and profits. Yet what I can say is that this has caused many unprofessional cowboy yeah yeah companies to collapse and property prices that were at completely absolutely stupid prices to collapse.
This has forced EVERYONE in Dubai to be realistic, cleared out alot of rubbish, and has mae Dubai a far far better place to live.
Service is better, people are beginning to understand customer service, and its absolutely glorious to be able to view a property and have the agent call you back rather than have he/she tell you, "take it now or someone else will and tommorrow the price will be 10% more"
Anyone who thinks that what we previously experienced is "normal" frankly is a complete fool.
As long as the quality of living in Dubai continues to increase (which it is now) Im staying right here!
Why does everyone get so excited about these stories?
Posted by N SOLENT, Dubai, UAE on Saturday 19 September 2009 at 11:29 UAE time
The reality is that everyone has an opinion but no one actually knows what will happen. So why oh why do people get so wound up and vitriolic in their comments.
Get a life!!!
Posted by N SOLENT, Dubai, UAE on Saturday 19 September 2009 at 11:29 UAE time
The reality is that everyone has an opinion but no one actually knows what will happen. So why oh why do people get so wound up and vitriolic in their comments.
Get a life!!!
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