Dubai Property Prices Drop 41% in Q1Tuesday, April 28, 2009
A new report by Colliers International has found that house prices in Dubai tumbled 41% in the first quarter of 2009. The report said cash and mortgage-backed transactions dropped sharply, with prices registering a negative year-on-year decline for the first time of 34%. Colliers said the price drop is due to lack of mortgage availability, poor investor sentiment, job losses among expatriates, and delayed projects. Source: AME Info
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