Falling European property prices caused by the ongoing crisis in the Eurozone are luring investors away from the Abu Dhabi and Dubai markets, pushing down house prices.
According to new research from property management specialist Tasweek, house prices in Abu Dhabi are set to fall between 2 and 10 per cent over the next quarter while those in less popular areas of Dubai will fall between 2 and 5 per cent as potential investors are lured away by the possibility of cheaper deals outside the UAE.
Masood Al Awar, chief executive of Tasweek said that his company predicts the falls to come as both institutional investors and small time buy to let investors or potential owner occupiers were eyeing European bargains in light of the continent's economic pressures.
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