Dubai property prices to stabilise

16/06/2011 - Dubai Property News Posted by Bob Brunskell
Dubai property prices to stabilise

Dubai property investors will find that prices will stabilise over the next six months.This according to a report by Nomura, seen by Emirates 24/7, which also predicted that residential property will recover stronger in Dubai than Abu Dhabi after dipping during the global economic crisis.Author of the report Chet Riley, said: "In the past two months, we find some positive momentum in the market - but this is prior to the traditionally slow summer season."We expect residential prices to 'hold' rather than 'fold' over the next six months."The report comes after research by ECA International claimed that Dubai and Abu Dhabi are becoming more affordable places to live, which is reflected by the currency exchange rate with the US dollar, according to Frederic Franchi, a business development manager for Europe, the Middle East and Africa at ECA.Its analysis of the most expensive cities in the world saw Dubai fall from 128th to 175th, which could bring more people to the emirate.