Moody’s sees more suffering for Dubai’s realty prices
25 Oct 2011
(MENAFN) Moody’s, the global rating agency, said it expects Dubai’s property prices to suffer more over the next five years because of the oversupply, Arabian Business reported.
House prices in Dubai hiked after opening its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments.
However, Dubai’s realty bubble burst at the wake of global economic woes and a debt crisis at home, which led to many projects being put on hold or cancelled while house prices declined 60 percent from their 2008 peaks.