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Property prices dip in Dubai and Abu Dhabi
- United Arab Emirates: Thursday, November 13 - 2008 at 12:00
A new report by HSBC Global Research has found that property prices in the secondary market fell in October by 4% in Dubai and 5% in Abu Dhabi. The fall in prices was greater in Abu Dhabi because the emirate's property market has a greater proportion of off-plan sales, the report said. In Dubai, prices on the Pal on Palm Jumeirah fell 32%, and at the Dubai International Financial Centre (DIFC) prices fell by 30%. For villas, prices at Arabian Ranches fell by 18%. In Abu Dhabi, the price of apartments fell by 16% at Al-Raha Beach and the price of villas at Al-Raha Gardens fell by 2%.
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Jeff Florian, Senior ReporterThursday, November 13 - 2008 at 12:00 UAE local time (GMT+4)
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