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FINANCIAL NEWS
Survey: Abu Dhabi, Dubai property prices to fall
10 Jul 2010
(MENAFN) House prices in Dubai and Abu Dhabi are set to fall a further 10 percent and 13 percent in 2010 respectively, as residential supply expands in both markets, Reuters reported.
Dubai’s once-booming property market has been hit hard as a result of the financial downturn and the Gulf state’s debt crisis, while Abu Dhabi, the capital of the United Arab Emirates and home to most of the country’s oil, has fared better.
Residential property prices in Dubai, which boasts the world’s tallest building and man-made islands in the shape of palms, have plunged 55 per cent from their peaks in the third quarter of 2008, according to the median estimate of 14 banks, investment firms and research institutions.
Prices in Abu Dhabi have fallen 40 percent, the median of 12 estimates showed.
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