Dubai to see sharp slide in housing prices in '09, says survey

[LahoreEstate]

United Arab Emirates: Monday, March 16 - 2009 at 12:37
A March Reuters poll shows Dubai house prices are likely to slump 37.5% on average this year, with real estate units still under construction losing half their value. Residential real estate prices in Dubai are unlikely to recover before 2011, according to the median forecast of 10 analysts at banks, investment firms and research institutions. Four analysts in the March poll expect prices to collapse 50% or more. Some brokers have said units on the Palm Jumeirah have fallen at least 40% since the autumn.

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