Dubai property prices have further to fall even after average residential prices have dropped by up to 42 per cent over the last six months, according to a property consultancy.
Colliers International said on Sunday that speculators had largely quit the Gulf market and debt financing was unavailable, leaving only professional investors. These, said Ian Albert, Colliers’ regional director, were demanding only “nearly-complete or income-generating” property and would not fund the off-plan projects that have driven supply and demand in much of the region.
Colliers issued a report on Sunday which said that residential rents in Dubai, the Gulf economy most correlated with the rest of the world, had dropped between 20 and 40 per cent over the last six months.
Property prices are falling all over the world.Dubai is one among this.But it is the right time to invest in Gulf.
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