Firstly, people talk about Dubai house prices, but they are not really the issue we are discussing here; the kinds of properties that Colliers international are issuing research reports on — the kind that have lost 48% of their value — are luxury, internationally marketed properties that people from around the world bought as second homes and investments, not 2 bed semi’s (semi-detached houses) that have ever been bought for the Smiths to live in.
Now, property prices and has the Dubai property market bottomed? I have been very negative about Dubai in the past but with prices now reported to have fallen 51% from their 2008 peak — to the point where we are literally back to square one — I am forced to say that prices may well have fallen as far as they are going to.
