#Dubai Real Estate Market May Bottom Out Next Year, S&P Says - Bloomberg video

Dubai Real Estate Market May Bottom Out Next Year, S&P Says - Bloomberg

Property market in Dubai may “bottom out” next year after weathering a tough 2020, according to S&P Global Ratings.

“We already had a supply and demand imbalance in the market even before the pandemic, and after Covid-19 the situation just got worse,” S&P analyst Sapna Jagtiani told Bloomberg TV on Tuesday. Prices of residential and office spaces in the city are expected to “somewhere bottom out in 2022,” she said.

A property glut and faltering demand in the Middle East’s business hub have driven prices down by more than a third since the market peaked some seven years ago. The decline has been made worse by the coronavirus pandemic.

Sapna Jagtiani, director & lead analyst for GCC corporates at S&P Global Ratings, discusses 

Dubai’s population drop of 8.4% for 2020, which was the steepest decline in the Gulf region, 

and the reasons behind the decline. 

She speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)