ABU DHABI // A new report suggests the population of Dubai may decline by 8 per cent this year because of the slowdown in the property sector.
The report, from researchers at UBS investment bank, says the drop in population could lead to an oversupply of housing, which would in turn lead to home prices falling by 30 per cent on average in the next two years.
“A slowdown in the housing market in addition to challenging macroeconomic conditions may lead to fewer foreign workers moving to the region for job opportunities and fewer investors engaging in local investments, including real estate assets,” the researchers wrote.
No comments:
Post a Comment