The United Arab Emirates central bank governor said on Wednesday he was not worried about a new house price bubble similar to one which burst in 2008, halving property prices in the following two years and pushing Dubai close to default.
Continued oversupply will delay a property market price recovery in both Dubai and Abu Dhabi emirates, according to analysts.
Dubai's once-booming property market can expect more pain with oversupply likely to delay a recovery&nbs
Dubai house prices are not seen recovering before 2011 at the earliest while oversupply in commercial property will boost vacancy rates to more than 50 percent next year Jones Lang LaSalle said on Sunday.
A total of 26,000 homes are expect
Dubai house prices climbed 2 percent year-on-year in the first quarter, their first annual rise since the 2008 financial downturn, but oversupply would pressure prices going forward, Colliers International said on Sunday.
Prices in the emi
House prices in Dubai, hit hard by the global downturn, registered a second quarterly rise in the fourth quarter but fell in December as the emirate's debt crisis dampened sentiment, according to a report by Colliers International.
Qatar house prices have fallen as much as 30 percent in the last six months due to the global economic crisis but there is still some demand for property that will limit further price weakness, a real estate executive said.
"Qatar is a rel
Colliers International, the global real estate consultancy, today released the Dubai House Price Index for Q1 2009, which indicates a decline in the overall index of 41 per cent for the first three months of 2009.
The index, compile
House prices in Dubai are likely to fall almost 28 per cent from a peak earlier this year as a sharp downturn in demand puts the brakes on a six-year property boom in the desert emirate, a Reuters survey showed on Thursday.
Dubai house price growth slowed to 5 per cent in the third quarter compared with 16 per cent in the third quarter, with prices expected to fall in the next quarter, property consultants Colliers International said on Wednesday.