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Reuters | Dubai median house prices to fall sharply

Posted By Paul Xumsai on October 02, 2019 in Global Real Estate

Dubai house prices will decline sharply this year and next, according to property market experts in a Reuters’ poll, who said a slowdown in the economy and an oversupply of housing units, are big downside risks to their already weak outlook.

According to a Reuters, Dubai house price will fall sharply over the next couple years. The decline is due to a slowdown in Dubai’s economy, as well as an oversupply of housing units.

Last year, Dubai’s economy grew just 1.94%, the slowest since the 2009 financial crisis. According to the government, Dubai expects to grow 3.8% in 2020 and 2.8% in 2021.

Dubai is correct going through some housing market correction. Home prices in Dubai are expensive. With the downward trend in economy, expect housing prices to fall. This bodes well for consumers who were originally prices out buying a home.

Reuters | Dubai house prices to fall sharply: Reuters poll

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