Dubai Property Set to Tumble as Currency Adds to Woes - Bloomberg Business:
"Liam Jeffrey was surprised when a couple selling an apartment on Dubai’s Palm Jumeirah artificial island asked the property broker to cut the price by 10 percent just three weeks after they put it on the market.
“They found a property they wanted to buy in London and when they send the money back to the U.K., they make up that difference on the exchange rate alone,” said the 26-year-old broker at Smith & Ken. “They’re not losing anything and that wasn’t the case a few months ago.”
Buyers from European countries, among the most active in Dubai, are spending less because their currencies have declined against the dirham, which is pegged to the dollar. Falling oil prices and a tax on foreign property held by Indians are also pushing down home values in the emirate. A year ago, Dubai regulators took steps to cool a market where home values had been climbing at the fastest pace in the world."
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