Property in Dubai
Housing prices to plunge another 20 percent in 2009
Housing prices in Dubai will fall by another 20 percent this year, and has only 20 percent chance of picking up before 2011, reveals the latest Reuters poll results by ten analysts at Banks, investment firms and Research institutions.
Among 10 forecasters, three agreed that they expect the prices to hit a bottom during second half of this year, while three predicted that it would happen only by 2010. One forecaster said that prices would grow by 10 percent from now in 2010.
Five of the analysts hope that prices would fall further 20 percent or more this year, and an additional 15 percent next year, before attaining stability in 2011.
Posted on 16/6/2009