Dubai property prices to drop by 15%
Jun 04, 2010
Dubai's property prices will fall by 15% on average this year, forecasts a report by Bank of America Merrill Lynch. The price falls are expected largely due to an over-supply of residential units in the emirate, with 44,000 units likely to remain vacant and unsold in 2010.
The forecast decline follows the even larger 45% drop from peak house prices reached in Dubai in the third quarter of 2008.