Falling, Falling: Dubai House Prices Seen Dropping a Second Year - Bloomberg:
"The pain in Dubai’s property market isn’t about to go away any time soon.
Home prices are set to fall by 10 percent this year because of lower oil prices and a strong dollar-pegged local currency, which makes real estate in the emirate more expensive for international investors, according to Standard & Poor’s. A slowdown in the hiring and expansion of companies is also putting pressure on the market, the ratings firm said in a report. Home prices slumped about 13 percent on average in 2015.
Dubai’s housing market, the biggest and most volatile in the Middle East, is in the doldrums as falling oil prices, a weaker euro and ruble and an abundance of properties damp demand. Residential values fell 2.2 percent in the first quarter, according to consultancy Cluttons, which predicts villa prices will decline 5 percent this year and apartment prices 3 percent to 4 percent."
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