Apartment prices in the UAE are likely to drop by a minimum 30 percent in 2009, reveal survey reports by Arabian Business.
About 1000 home owners in the UAE who participated in the survey carried out last month, revealed that 60 percent of the respondents felt that the prices would drop by 30 to 50 percent this year. About 26 percent predicted a decline by 50 percent, while 15 percent hoped a decline of 40 percent and 19 percent felt that the prices would decline by a minimum of 30 percent. About 21 percent felt that the prices would fall by 10 to 20 percent, while about 9 percent felt that the prices would remain stable.
However, only seven percent of the respondents who participated in the survey revealed that they expect growth this year.
The survey was carried out to analyze the situation of property market in the emirate, following the statement by Shuaa Capital, the UAE Investment Bank that property values in Dubai may plummet by 60 percent towards end of 2009.
Shuaa had also suggested a drop in rentals due to little occupancy rates.
Meanwhile, a report by Jones LangLaSalle states that the Property prices in Dubai and the rental rates are likely to begin recovery in 2011, following a period of stabilization in 2010.
The year 2009 is believed to be a year of correction, as far as Dubai property market is concerned. Posted on 4/4/2009
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