Property prices in Dubai, the Arabian Gulf business hub, fell 1.9 percent in January while rents dropped 0.7 percent, Deutsche Bank said.
“Although the pace of decline has slowed lately, we still do not see any improvement in fundamentals that could trigger a recovery,” analysts Nabil Ahmed and Athmane Benzerroug wrote in a note to clients, seen by Bloomberg.
“The supply overhang still looms large, homebuyers still lack appetite, transaction volumes remain anemic, banks remain cautious lenders and international investors are still wary of the UAE property market.”
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