Dubai Property Prices, Middle East Coronaviru News: Latest Update - Bloomberg:
The widening coronavirus pandemic could see Dubai property prices falling to levels last seen 10 years ago, according to S&P Global Ratings.
“We believe real estate prices are approaching levels seen at the bottom of the last cycle in 2010, and are even lower on an inflation-adjusted basis and considering sales incentives for off-plan property,” S&P Global Ratings said in a report.
“We also expect negative employment trends across some key sectors such as tourism and retail, as well as for certain small and midsize enterprises, which could weigh on demand for new properties.”
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Residential properties stand in the Al Satwa area of Dubai.
Photographer: Christopher Pike/Bloomberg |
The widening coronavirus pandemic could see Dubai property prices falling to levels last seen 10 years ago, according to S&P Global Ratings.
“We believe real estate prices are approaching levels seen at the bottom of the last cycle in 2010, and are even lower on an inflation-adjusted basis and considering sales incentives for off-plan property,” S&P Global Ratings said in a report.
“We also expect negative employment trends across some key sectors such as tourism and retail, as well as for certain small and midsize enterprises, which could weigh on demand for new properties.”
S&P rating action:
- Emaar Properties and Emaar Malls’ BBB- ratings on creditWatch with negative implications.
- Emaar Properties shares -43%; Emaar Malls -41%
- Damac Real Estate lowered to B from B+; outlook remains negative.
- Damac shares -35%
- Unlisted DIFC Investments’ revised to negative outlook from stable; affirms BBB- ratings.
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