"The oversupply situation is likely to get worse before it gets better in some sectors and this will continue to place downward pressure on prices and rental levels in the short term," the real estate service company said in a report.
The Gulf emirate's real estate market has been hit hard by the global financial crisis, with billions of dollars worth of projects either on hold or cancelled. House prices are off around 50 percent since the crisis began late last year.
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The crisis has hit residential projects along with commercial ones. Commercial projects were always looking very extravagant and now financially they are no where near the word FEASIBLE.
ReplyDeleteThey should rethink their strategy and government should involve themselves in it.