Dubai property prices to fall 70% from peak

18/05/2009 – ame info – A report on the UAE property sector has concluded that prices for residential property in Dubai may bottom out at between 57% and 70% from the peak levels seen in Q4 2008. The report also downgraded Emaar and Union Properties from a ‘Neutral’ rating to ‘Sell’.
A report by Swiss finance house UBS’ Investment Research analysts concluded that Dubai’s residential property market still had some way to go before beginning to recover.
‘Our proprietary analysis concludes that Dubai residential property may trough at around the Dhs500-Dhs800 per square foot level, down 57%-70% from the peak of Dhs1,850 per square foot,’ said report author Saud Masud.