By Neeraj Gangal
Housing prices in the emirate have slumped 62 percent from their peak in mid-2008
Dubai property prices declined at a monthly rate of 1.7 percent in February, driven mainly by new supply, Deutsche Bank AG said.
Real estate prices in the Arabian Gulf emirate may face “further downward pressure” this year, the bank said in a research report dated Monday.
“Although the pace of decline has reduced lately, we still do not see any improvement in fundamentals that could trigger a recovery,” the bank said.
Dubai home price slumped 62 percent from their peak in mid-2008 after the global credit crisis caused mortgage lending to dry up and speculative demand waned, Deutsche Bank said on February 14.
In neighbouring Abu Dhabi, prices slid 45 percent, Jones Lang LaSalle Inc estimated.
So many different sources of information, reports, comments but all underwriting a firm continuing downward trend in property prices. From memory the fall was 1.9 per cent in January, so 1.7 per cent is better in February, but 3.6 per cent in 2 months.
Everybody must be close to crossing that psychological barrier and reporting/admitting that Dubai property prices are now 70 % (seventy per cent) down from their 2008 peak. A two bedroom house with a garden can now be had for a million Dirhams in Jumeirah Triangle.
Experienced buy-to-let investors still say they are looking for 80 to 85% below 2008 peak price, perhaps even 90 to make it worth their while with more property entering the market this year
Damian Reilly says, "attractive place to park cash"
Deutsche Bank says "Dubai property prices fall 1.7% in February"