Dubai real estate could fall another thirty percent

For Al-Shorfa.com
2010-02-18

Dubai's battered property market could fall another 30% in some parts of the emirate, The National reported Thursday (February 18th). The market is down by more than 50% since the third quarter of 2008, analysts in Dubai said. A glut of supply is outstripping demand, according to a report by the consultancy Colliers International. "We're in the early to mid-cycle of this property downturn, and we've got a long way to go," said UBS analyst Saud Masud.

The analysts interviewed agreed that boosting consumer confidence is a priority in the market's recovery. Investors will want to see more transparency before committing financially, said Majed Azzam, a property analyst with Al Futtaim HC Securities in Dubai.

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