Not too long after upsetting and embarrassing the first black President in America's history with the first downgrade of the US debt rating in America's history Standard and Poor won't be winning any friends in the gulf property market either. According to the ratings agency property prices and rents will continue to fall in the region throughout the second half of this year.
In a new outlook report on the gulf region, S&P said that they expect to see developers continuing to scale back their activities and concentrating more on rental and management of existing stocks, especially in markets that are oversupplied such as the UAE.
It also expects to see a similar sea-change as was witnessed in India 2 years ago, with developers increasingly turning their back on high-end residential developments to focus on housing and urban regeneration, particularly in Saudi Arabia.
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