Dubai’s property market will not dip to 2009 levels: S & P | GulfNews.com:
"The current decline in Dubai’s property values could extend to an up to 20 per cent drop from their 2014 peaks, but still far removed from the rock-bottom it touched during the 2009-11 crisis years. In 2009-11, values were off by more than 50 per cent of their mid-2008 peak.
Two macro factors would be at work to counter a sharper correction, S & P reckons. “Dubai’s economy, especially, is more diversified and less reliant on oil,’ it states.
“Non-oil companies are contributing to a large share of GDP and employment, and their expansion may partly offset weaker demand from oil-related companies."
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