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Sunday, 20 November 2016

Recovery in Dubai property market not expected until late 2017, says Cluttons | The National

Recovery in Dubai property market not expected until late 2017, says Cluttons | The National:
"Prices in Dubai’s residential market continued to fall during the third quarter of 2016, dropping by a further 2.6 per cent, according to a new report by Cluttons.

The firm’s Winter 2016/17 Property Market Outlook said residential prices reman 7.4 per cent lower year-on-year, and are 26.7 per cent below the previous market peak in 2008. It argued that residential property values are not expected to stabilise until late 2017 once employment picks up as a result of more infrastructure work being undertaken ahead of the Expo 2020 event, but also sounded a cautionary note on supply levels.


The head of Cluttons Dubai, Murray Strang, said that it is "closely monitoring the level of residential supply coming to the market"."

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