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UAE property prices expected to fall further

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UAE property prices expected to fall further - property market - Arabian Business - online poll - fall - property prices - UAE


Over 60% of people interviewed for a recent online poll believe that UAE property prices will fall by a further 20-30% this year.



A survey conducted by Arabian Business asked its readers whether they thought the property market had bottomed out, with only 5% believing it actually had.

Alternatively, a resounding 63.4% of people thought that prices still have a further 20-30% fall to come.

The worst price falls in the UAE have so far been recorded in the Dubai property market, where values have fallen by up to 50% over the past year, one of the greatest property price falls in the world.

The market in Dubai is mainly suffering from an oversupply of homes, a depreciating population, and growing unemployment levels, which is placing a downward pressure on residential prices.

The poll comes as a blow to the UAE property sector, following a rather more optimistic survey conducted by Dubai-based Shuaa Capital last month, which showed that 19% of investors believed that the market had already hit the bottom.


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