Wednesday 3 February 2010
No Imminent Upturn In Dubai Real Estate
Dubai's real estate market showed little signs of any imminent upturn in fortunes as it remained sluggish during the final quarter of 2009, with lease rates continuing to fall, CB Richard Ellis said.
According to the Dubai Land Department statistics, total transactions fell 17.7 percent to 520 in the fourth quarter from the year-ago period, the brokerage said.
According to CB Richard Ellis, lease rates for Dubai's residential units may see a small contraction through 2010 as a substantial volume of new homes reach their final stage of construction.
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