Dubai property prices could drop another 30 per cent over the next 18 months and may take at least 10 years to recover to peak levels, a report by UBS says.
More than a quarter of available homes in the emirate could be empty by the end of next year as the population decreases, the Swiss bank said.
The report is one of the most bearish assessments yet of the property market in Dubai and follows a more upbeat view from Deutsche Bank earlier this month that indicated the market may be “bottoming out” and pointing to a recovery beginning early next year.
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