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Dubai real estate market ends 2015 on a weak note

Only 32 per cent of agents expect an increase in prices during current year

A survey of the real estate sector in Dubai, sponsored by Emirates NBD and produced by Markit, said that the end of 2015 was weak in Dubai’s real estate market.

The majority of companies participating in the survey pointed out that queries from potential buyers had declined, as had the number of deals during the last three months of 2015, reports UAE-based Aliqtisadi.

The decline in queries was the most severe since the survey began in April and real estate agents link it to the decline in the level of investor optimism and market conditions.

In terms of the outlook for the future, nearly 47 per cent of agents expect a decline in real estate prices during 2016, while only 32 per cent expect an increase.

According to the respondent companies, market conditions will be favourable for buyers during the next twelve months, as construction volumes seem to remain strong, while sceptical economic outlooks work to curb investors’ requests.