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Dubai's real estate industry 'at a low point'

AME Info
Dubai's real estate industry 'at a low point' - Dubai - Real Estate - UAE - real estate - House Prices - Drop - Price Drop

Ryan Mahoney, Managing Director of Dubai's largest estate agency Better Homes, told AME Info that, in his view, the city's property market was close to hitting the bottom of the downturn that has brought the sector to a virtual standstill.

'We're currently at a low point in terms of pricing,' said Mahoney.

'In terms of the amount of transactions taking place, it's come to an abrupt slowdown.

'And I think it took a lot of people by surprise, despite the fact that people have been talking about this for years, it certainly took a lot of developers by surprise.'

Mahoney told AME Info that sale prices in many of the city's developments and communities were already approaching the lowest that they could conceivably fall to.

'When I look at prices today I sense that there's not much room for prices to go down further in many areas of the city and across many types of property.


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