Dubai property prices will continue to fall until next year - research

24/06/2011 - Dubai Property News Posted by Neil King
Dubai property prices will continue to fall until next year - research

People looking for Dubai property for sale will be pleased to hear that a new report is predicting prices to fall by ten per cent by next year.Global Investment House said that increasing numbers of residential properties mean that prices have fallen in the emirate by around 56 per cent since a peak in the last quarter of 2008.Furthermore, it estimates that Abu Dhabi will see a 20 per cent fall in property prices after experiencing a 45 per cent drop between 2008 and this year.The report added that the price falls are only temporary as people move back to Abu Dhabi from Dubai."We expect the gap to narrow down gradually over the next two years as Dubai rentals bottom out while those of Abu Dhabi continue declining on increasing vacancy rates," it said.The figures come after the chairman of Dubai's Supreme Fiscal Committee told Emirates 24-7 that core business in the emirate is in "very good shape".