price of buying property in the uae could fall
News Posted On: 09 April 2009
The cost of purchasing real estate in the United Arab Emirates (UAE) is likely to fall this year, industry experts have suggested.
According to Moody's Investors Service, the downturn in the global economy is likely to lead to a decline in the cost of real estate in the Gulf nation.
Martin Kohlase, an analyst at the firm, told Emirates Business: "Developed Gulf Cooperation Council real estate markets will be affected the most as expansion plans in these markets have assumed a steady influx of expatriates."
He added that the Dubai real estate market was likely to be hit particularly hard.
A lack of demand for property and a risk of oversupply could mean that people considering purchasing a home in the UAE will find bargains in the country.
This comes after real estate broker New World Capital said property prices in Dubai have fallen between 50 and 70 per cent since 2005 and that they are likely to continue for at least another six months.
Written by Matthew Bonner
Foreign Currency - keeping you updated with the best exchange rates on the market
Back to news articles for this country
Latest Related News Articles in United-Arab-Emirates
Dubai Property Market to Remain Challenging This Year
2012-02-08
The property market in Dubai is expected to remain somewhat challenging this year, even though certa.....
Reuters Poll Predicts 5pc Price Falls in Dubai 2012
2012-02-02
Property prices in Dubai have near-constantly declined during the last few years, and this year look.....
Mixed Predictions for Dubai Property Market
2012-01-20
Although certain sections of Dubai's property market may recover slightly during this year, property.....
2012 could be Year for Dubai Recovery
2012-01-02
Sultan Butti bin Mejrin, director general of the Land Department said that the "quantity, quality an.....
Dubai Property Market Set for 2012 Recovery
2011-12-14
Well known real estate company Cluttons international has taken the bold stance of predicting a reco.....
Dubai Property Market back on the Dip
2011-11-30
The residential property market in Dubai has remained quiet for the second consecutive quarter. Wors.....
Emirates Developer in Talks for Affordable Housing Schemes
2011-11-23
Emirates based Emaar Properties, the developer responsible for the world’s tallest building, is curr.....
Abu Dhabi Needs to Plan More Affordable Homes
2011-11-09
Abu Dhabi developer, Sorouh Real Estate is currently working on a plan for more homes for middle inc.....
GCC Countries Set to See Growth of Islamic Mortgages
2011-11-02
GCC countries are set to see significant growth in the Islamic mortgage sector, as, with 65% of the .....
Dubai Property Cited As Being on the Verge of Recovering Finally
2011-10-05
Yet another report thinks that the Dubai property market could be on the verge of a recovery. In the.....