‘Dubai house prices will continue to fall’
DUBAI: Dubai’s house prices, which plunged 47 per cent in the 12 months through June, will continue to fall because of “oversupply,” Jones Lang LaSalle said.
The problem “is likely to get worse before it gets better in some sectors and this will continue to place downward pressure on prices and rental levels in the short term,” the Chicago-based real estate company said.
About one-quarter of Dubai’s offices are empty, and average hotel occupancy rates dropped to about 65 per cent, according to Jones Lang LaSalle.
By Bloomberg
Popularity: 1% [?]