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Dubai real estate market to suffer further – analysts

Analysts said Dubai's housing market is expected to see further delays in its recovery path and plummet another 10%, as it faces a slowdown amid renewed global financial woes and European sovereign debt crisis, Reuters has reported. "Abu Dhabi and Dubai are not out of the woods yet," said Patrick Rahal, manager for asset management at The First Investor bank in Doha. "The market will continue to adjust on the short term as local banks are still averse to real estate lending and deliveries continue to increase supply. The supply-demand mismatch is still in place."