Dubai property prices fall 1.7% in February, Deutsche Bank reports

Housing prices in the emirate have slumped 62 percent from their peak in mid-2008
Dubai property prices fall 1.7% in February, Deutsche Bank reports
PROPERTY PLUNGE Dubai property prices declined at a monthly rate of 1.7 percent in February, driven mainly by new supply, Deutsche Bank AG said (ITP Images)
By Neeraj Gangal
Tue 15 Mar 2011 12:34 PM

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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.