Dubai house prices will decline sharply this year and next, according to propert...
BENGALURU - Dubai house prices will decline sharply this year and next, according to property market experts in a Reuters poll, who said a slowdown in the economy and an oversupply of housing units are big downside risks to their already weak outlook.
That downward trend is likely to continue in Dubai housing market activity, one of the primary contributors to its gross domestic product. Last year, Dubai’s economy grew just 1.94%, the slowest since the 2009 financial crisis, hurt by a rough patch amid a downturn in its real estate market. “There have been record numbers of off-plan projects since 2017 that were met by very successful sales campaigns promising very attractive payment plans for investors that run post-handover for a number of years, which has impacted the capital values of existing properties in Dubai,” he added.
“Overall, price declines have been healthy for Dubai as prices were inflated,” said Lynnette Abad, director of research and data for the Propertyfinder group.
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