Home prices in Dubai, the second-biggest of the seven sheikhdoms that make up the United Arab Emirates, are likely to remain flat until 2010 after five years of steep gains, Colliers CRE Plc said.
About 140,000 new homes will be completed in Dubai by the end of 2010, adding to the existing stock of about 300,000 units, Colliers said in a report released in Dubai yesterday. Home prices average US$5,420 per sq m, or US$504 per sq ft, in Dubai, compared with US$6,500 a sq m in neighboring Abu Dhabi, the report said.
“We’ve not seen a drop-off in demand, but there has been a slowdown in value appreciation,” Ian Albert, Colliers regional director, told reporters in Dubai.
By Bloomberg
Monday, October 6, 2008
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