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Friday, May 8, 2009

Dubai residential rental prices drop 23pc in Q1

DUBAI (United Arab Emirates): New research has shown Dubai residential rental prices dropped 23 per cent in the first quarter of 2009 as the economic downturn forced foreign workers to pull out of the fast-expanding city.

Yesterday’s report by real estate company CB Richard Ellis has attributed the decline to job losses among expatriates, a drop in tourism and a considerable new supply of homes.


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