Dubai residential prices could fall by up to 10 percent in 2019: Savills | Reuters:
Residential real estate prices in Dubai could fall by 5 to 10 percent in 2019, weakened by new supply, a strong dollar and lower oil prices, the Middle East chief executive of Savills (SVS.L) said on Monday.
Dubai’s over-supplied property market has steadily fallen since a mid-2014 peak, hurting earnings of the emirate’s top developers and forcing construction and engineering firms to cut jobs and halt expansion plans. [nL8N1YL05Y]
While the latest fall in house prices has not come close to the more than 50 percent plunge seen in 2009-2010, which pushed Dubai itself close to a debt default, residential prices fell by 6 to 10 percent in 2018, Savills’ Steve Morgan said.
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