Arab Today, arab today global woes stall dubai real estate recovery
Last Updated : GMT 21:18:01
Arab Today, arab today
Arab Today, arab today

Global woes stall Dubai real estate recovery

Arab Today, arab today

Arab Today, arab today Global woes stall Dubai real estate recovery

Dubai - Arabstoday

Dubai\'s housing market will witness further delays in its recovery path and plummet another 10 percent, as it faces a slowdown amid renewed global financial woes and European sovereign debt crisis, a Reuters poll showed on Monday. Home prices and rents in the Gulf emirate has already plunged nearly 60 percent from its peak before the global financial crisis. Residential property prices in Dubai will fall 70 percent from a peak in the third quarter of 2008, according to the median estimate of ten banks, investment firms and research institutions. \"Although we have witnessed better volumes and slight increase in prices at few property transactions, the overall sector is still facing oversupply and lack of volumes/investor interest, which acts as a headwind against price increase,\" said Harshit Oza of Beltone Financial. All but one of the 10 respondents said the renewed global economic concerns and euro zone crisis will further delay recovery of Dubai\'s property market. The lack of confidence on Dubai real estate continues to weigh. Respondents in the poll saw no chance of a recovery this year. They gave just a 37 percent of property market recovery in 2012 and a 70 percent chance in 2013. Prices in Dubai will plummet by another 10 percent, an average of eight respondents showed. The findings matched those of a poll in April which showed that existing supply and additional new units would push Dubai\'s house prices down by 10 percent. Global markets were rattled in 2009 when Dubai announced a $25bn debt restructuring of conglomerate Dubai World . A real estate collapse followed, putting an end to an historic building spree in Dubai. Dubai\'s property market is oversupplied by about 25 percent, a median of eight respondents showed with two saying the emirate has nearly half too much supply. Two respondents said house prices in Dubai have already reached a bottom. Seven said they expected prices to reach a trough in 2012, while others said 2013. In percentage terms, the Dubai housing market crash is set to be more than double the size of the fall in the US. Oversupply in Dubai has forced developers to cancel and delay projects worth $170bn up to August, a Citigroup report showed.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today global woes stall dubai real estate recovery Arab Today, arab today global woes stall dubai real estate recovery

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today global woes stall dubai real estate recovery Arab Today, arab today global woes stall dubai real estate recovery

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday