Property in Duabai
   Saturday, September 04, 2010
New users
Members
 Hotels |  Restaurants | Property |  Jobs |  Sports |  Entertainment |  Business Directory  
 
Home > Property for sale > Property News > Property News
 

Dubai Property News

Property prices in Dubai record 47 percent fall in Q3


Residential prices are now increasing in majority of locations across the globe, with nearly 70 percent of the locations in the Knight Frank Global House Price Index reporting growth in the third quarter 2009. This is in comparison with less than 50 percent growth rate reported during second quarter of the year.

However, there still lies a clear divergence from top to bottom of the table. Israel continues to be the best performer on an annual basis, and is the only country to have recorded double-digit growth during the past year.

Prices in Dubai have dropped by 47 percent, despite posting a small recovery during the third quarter. The recent debt issue with Dubai World and the subsequent loss of confidence by investors implies that even this nascent rally is under threat.

The European countries are yet to record growth since the credit crunch, particularly Spain, Denmark and Ireland, where an oversupply of stock is hindering growth in prices. This is in contrast to the case of UK, which, despite being hit badly, is depicting a strong comeback, as shortage of houses for sale is contributing to growing values with demand outstripping supply.

Other locations that depicted increase in prices are Australia and several other Asian economies which showed a quarterly growth of 6 percent in Hong Kong and 2.5 percent in mainland China. The Q3 figures are not available for India, but prices are already increasing in Q2 and the trend seems to continue.

In few locations, particularly in Singapore, the strength of recovery is such that there are talks about development of another bubble. It is worth noting that house prices in almost 60 percent of the countries in the index, but are still lower than a year ago.

The global recovery from recession is unlikely to be trouble-free, with the recent issues in Dubai highlighted. But it looks like any further falls are likely to be corrections, rather than the start of another round of drastic reductions.

Posted on 12/12/2009

Property Buying or Selling?

Stop searching hundreds of websites!
Submit this form and find a real estate agent in Dubai who specialized in the projects that you are interested in.
Its quick and easy.
I want to Buy a Property
Sell a Property
Type
Interested in
Price range
Full name
*
Telephone
*
Email
*
Message

*
 





Read more news

> UAE focusing on new laws to boost investments
> Increase in property ownership among GCC nationals in UAE
> Sharjah mulls granting permits to non-GCC nationals for owning of properties
> Offenders of housing fee regulation likely to be blacklisted
> Mubadala, US group, launch new joint venture firm
> Housing Fee in Dubai to be collected every month
> Nakheel announces second phase of debt payments to creditors
> Under-declaration of housing fee may lead to legal action
> Burj Khalifa announces service charges for the year
> Housing fee mandatory since January 2011

 
Want to Invest in Dubai property?
Find out about the vacation rentals for your next holiday in Dubai
Looking to buy property in Sharjah?
Priceless properties in Abu Dhabi
Know all about Ajman Property
What you need to know before purchase Dubai property
What are Dubai Free hold properties?
Dubai Palm Islands
Burj Dubai - tallest building in the world
Know about property in Ras Al Khaima
What Dubai real estate agents can do?

 
Sitemap | Advertise | Link to us | Terms | Privacy Policy | Contacts
Copyright © 2005 - 2006. www.guide2dubai.com. All rights reserved.