After reading the regional and business press, one can’t help but feel that the Dubai property market is currently at a cross roads. But it really is still heading downwards. Read on for a detailed look at the current Dubai property market, and my forecasts for the future.
Has the Dubai Property Market Bottomed and Where do we go From Here
August 11, 2009Firstly, 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.
