Dubai’s sagging property market is still at least two years away from recovery, analysts predicted this week during Cityscape Global, the region’s largest property convention.
“All sectors of the Dubai market remain in the downturn phase of the cycle, with the likelihood of continued falls in average prices and rentals over the rest of 2010,” Jones Lang LaSalle said.
Another 9,000 residential units are expected to come on line in Dubai in the next year, according to the consultancy.
“Even if these are not completed and handed over in time, Dubai's residential market continues to be oversupplied and prices are not expected to recover before the second half of 2011, at the earliest," JLL said.
In addition to an abundance of space, “weak demand from foreign investors” will likely conspire to keep prices low, JLL said.
Chris Waight, associate director of Cluttons in Dubai, was more upbeat, but still predicted a two year gap before recovery.
“As long as the property supply doesn’t surpass the demand too much, we should see a stabilization of Dubai’s residential property prices within the next two to three years,” Waight told Emirates 24/7.
Friday 22 October 2010
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