Dubai property prices 'could fall further'
Nov 23rd, 2009
New research has suggested that property prices in Dubai could fall further over the coming months, with it taking up to a decade before the market returns to its previous high.According to the UBS figures, values could drop by between 20 and 30 per cent in the Arab emirate.
However, Emirate Ventures director Siddeek Talati claimed that while the statistics were not "unrealistic", once Dubai becomes "more confident in itself" then foreign investment will resume.
"Dubai was a city built on confidence - user confidence - because as it was being constructed there wasn't a lot there other than the promise that there was going to be a lot of stuff there," he said.
Brits considering an investment in Dubai could use a private luxury charter yacht as a base for exploring their options.
A recent Colliers International house price index showed that property prices in Dubai increased by seven per cent in the third quarter of 2009.
It was the first quarterly increase since the same period last year, although prices are still down 47 per cent year-on-year.
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