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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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