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FINANCIAL NEWS
Dubai house prices may fall 20% this year
03 Jun 2010
(MENAFN) A recent economic report showed that Dubai house prices, which halved since mid-2008, may drop another 15 percent to 20 percent this year on an increase in supply as more real estate projects are completed.
Residential rents in Dubai are set to fall further in 2010 due to increased supply, while vacancy rates in Abu Dhabi’s office market are expected to rise to as much as 10 percent in 2011, according to another report.
However house prices in Dubai rose on average by two percent in the first quarter of 2010 compared to the same period last year, according to the latest house price index released by Colliers International in May.
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