Property prices expected to fall 20% by 2011
25 September 2008
The latest report by Efg-Hermas estimates that property prices in Dubai will reach their peak in the first half of 2009 and in the second half of the year they will start falling and drop by 15%-20% in 2011 because thousands of apartments and villas are currently in construction.
Morgan Stanley has recently projected the drop at about 10% for 2010.
However, the market does not seem to suffer any setbacks at the present. Colliers International said that the prices of real estate in the Emirate jumped by 42% between the last quarter of 2007 and the first quarter of 2008. However, prices soared 78% on the year in the first quarter of 2008.