Dubai house prices to fall sharply
Dubai house prices will decline sharply this year and next, according to property market experts in a poll, who said a slowdown in the economy and an oversupply of housing units are big downside risks to their already weak outlook. Dubai - with a diversified trade and tourism economy and one of the seven territories of the United Arab Emirates - has faced a sharp slowdown in its real estate market for most of this decade, barring a pick up for a brief period more than five years ago. That downward trend is likely to continue in Dubai housing market activity, one of the primary contributors to its gross domestic product. The Aug 14-Sept. 3 poll of market analysts at 11 investment firms and research institutions showed house prices in Dubai would fall 10% this year and 5% next. They are forecast to decline 3.3% in 2021.
Tags : INTERNATIONAL