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Property to level out ‘by year end’

Angela Giuffrida The National
Property to level out ‘by year end’ - Property - UAE - prices - decline - predictions

Property prices in the UAE may decline by another 20 per cent and level out by the end of the year, according to a report by Deutsche Bank.

The predictions follow evidence over the past two months that prices in some areas of Dubai and Abu Dhabi have risen. Prices are expected to decline again because a number of expatriate workers are expected to leave the country over the summer period at a time when many new properties are coming onto the market.

“We remain cautious given the limited number of transactions and the continuing declining trend in rents,” analysts Nabil Ahmed and Athmane Benzerroug wrote in the report.

“We expect UAE property prices to decline another 15 per cent to 20 per cent from current levels and only expect a bottom by year-end.”


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