#Dubai house prices to fall sharply: Reuters poll - Reuters

Dubai house prices to fall sharply: Reuters poll - Reuters:

Dubai house prices will decline sharply this year and next, according to property market experts in a Reuters poll, who said a slowdown in the economy and an oversupply of housing units are big downside risks to their already weak outlook.

Dubai - with a diversified trade and tourism economy and one of the seven territories of the United Arab Emirates - has faced a sharp slowdown in its real estate market for most of this decade, barring a pick up for a brief period more than five years ago.

That downward trend is likely to continue in Dubai housing market activity, one of the primary contributors to its gross domestic product.