Dubai's once-booming property market can expect more pain with oversupply likely to delay a price recovery in the Gulf emirate until 2016, ratings agency Moody's said on Monday.
House prices in Dubai soared after the emirate -- which overstretched itself building extravagant real estate projects -- opened its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments.
From start-2007 to mid-2008, prices rallied almost 80 percent, Morgan Stanley estimates showed.
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