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Dubai property values cut in half
August 4, 2009 - 1:21AM
House prices in former central Dubai tumbled in the second quarter as the market in the Gulf emirate continues to reel from the global economic downturn, a UAE-based consultancy said on Monday.
Colliers International's Dubai House Price Index slumped 48 per cent in the three months to the end of June from the same period in 2008 on concerns over financing, expatriate job security and lack of transparency on project delays.
However, the rate of decline eased to 9 per cent in the second quarter compared with a 42-per cent plunge in the first quarter, according to Colliers.
The average price rate for residential property fell to 10,215 dirhams ($A3330) per square metre in the second quarter from 11,162 dirhams ($A3639) per metre square in the first quarter.
It gave no directly comparable figures for the second quarter of 2008.
"In the coming months, the market will be searching for further evidence of market stabilisation as we draw nearer to the bottom of the market prices," said Ian Albert, regional director at Colliers.
The index is compiled using mortgage data from financial institutions representing 60 per cent of the mortgage market in Dubai and analyses the trends for prices for both completed and under-construction properties.
AFP
August 4, 2009 - 1:21AM
House prices in former central Dubai tumbled in the second quarter as the market in the Gulf emirate continues to reel from the global economic downturn, a UAE-based consultancy said on Monday.
Colliers International's Dubai House Price Index slumped 48 per cent in the three months to the end of June from the same period in 2008 on concerns over financing, expatriate job security and lack of transparency on project delays.
However, the rate of decline eased to 9 per cent in the second quarter compared with a 42-per cent plunge in the first quarter, according to Colliers.
The average price rate for residential property fell to 10,215 dirhams ($A3330) per square metre in the second quarter from 11,162 dirhams ($A3639) per metre square in the first quarter.
It gave no directly comparable figures for the second quarter of 2008.
"In the coming months, the market will be searching for further evidence of market stabilisation as we draw nearer to the bottom of the market prices," said Ian Albert, regional director at Colliers.
The index is compiled using mortgage data from financial institutions representing 60 per cent of the mortgage market in Dubai and analyses the trends for prices for both completed and under-construction properties.
AFP
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