Dubai property sales fall by more than 40%

Friday, 10 July 2009 1:09 PM

Property sales in Dubai fell in the first half of this year by more than 40 percent compared with the same period last year, according to a report.The National newspaper reported that there were 1,724 sales in the first half of this year, which is 42.6 percent lower over the same period of six months, last year, according to REIDIN.com. REIDIN.com tracks property with data from the Dubai Land Department.

Analysts and property brokers believe that prices have started stabilising in Dubai over the past two months.

Late last month, Deutsche Bank said in a report that Dubai property prices and rents recovered slightly in June, signaling that the worst for the sector may be over.

The average house price for apartments and villas rose 6.5 percent month-on-month in June to AED1,285 ($349.9) per square foot, while rents rose 1.1 percent over the same period following a 10 percent fall, Deutsche Bank said in its proprietary price index, which covers 13 locations in Dubai.

However, more than 60 percent of people think UAE property prices are going to drop by another 20-30 percent this year, according to an online poll.

Arabian Business asked its readers whether they thought the real estate market had hit the bottom, with just 5 percent in agreement.

Instead, some 63.4 percent of people thought there was still another 20-30 percent correction to come.

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Posted by: Andy Saturday, 18 July 2009 10:27 AM[UAE] - Taiwan

My guess is that we have not bottomed out and will bottom out after another 30-40% dip from here.

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Posted by: Dod Wednesday, 15 July 2009 9:32 AM[UAE]

Puzzled - I take it you are looking to buy. To me the rents quoted on dubizzle are the opposite ie higher than you need to pay

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Posted by: Dod Wednesday, 15 July 2009 9:27 AM[UAE]

Paul King - Early 2008 I spoke to at least 2 of these experts who were bullish on the property market but said they knew it would come to a sticky end eventually. You just had to jump off the train before that happened they said. How they thought they would know the right time to jump is beyond me

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Posted by: macca Tuesday, 14 July 2009 10:11 PM[UAE]

Omar I ask you, please repeat your comments... why can you not return to saudi arabia ? why do you now feel you can preach. You didnt observe the saudi rules and you mislead your master ? why should we take you seriously now. Arabian Business, why wont you print this question ?

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Posted by: puzzled Tuesday, 14 July 2009 12:56 PM[UAE]

ive been reading everyone's comments and i wanted to ask you all if you really count Dubizzle to be the best/most reliable pricing out there? ive been looking for an apt for a few weeks and every listing i call is an agent who tells me the price isnt available and then they offer me something higher! i feel i am getting the run around and it wastes time and it may be creating a false picture of what prices are currently going at today. i saw a few of you quoting the current market state based on what you see on dubizzle but i feel that site is also giving us a runaround. The agents are just posting these fake prices so that they get a phone call. try for yourself. call up some of these "amazing" prices, most of the time they dont exist.

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