Home RSS
Real Estate
Cars

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.


Source



Add your comment
  Anonymous comment
Nickname:
Password:
  Remember me on this computer

Title:
Send me by email any answer to my comment
Send me by email every new comment to this article





 
_________________________________________________________________________
 
Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.