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Dubai property prices to fall by 2011
- United Arab Emirates: Monday, September 22 - 2008 at 08:43
A new report by EFG-Hermes says house prices in Dubai will decline by up to 20% by 2011, joining a number of other reports in recent weeks which have predicted that Dubai's property market will see a correction, reported Gulf News. House prices will hit their peaks in the first half of next year due to the massive 70,000 units expected to be released on to the market in 2009, the report said. However, house prices will then decline in the second half of 2009, with a cumulative decline of around 15 to 20% by 2011.
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Jeff Florian, Senior ReporterMonday, September 22 - 2008 at 08:43 UAE local time (GMT+4)
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