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- Lebanon receives preliminary approval to increase World Bank loan to $400m
- China Exempts Some Goods from US Tariffs to Limit trade War Pain
- Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as 9th year milestone marked
- Foreign investors remain net buyers of GCC stock market in first quarter
- Quarterly earnings announcement, tariff hold supports QSE index rise
- Gold prices drop more than 1%
- Saudi Arabia's Vision 2030 enters final phase with strong momentum
- Saudi Arabia takes part in European Economic Congress
- UAE jobs: Etihad Airways to hold career fair for Emiratis on May 22
- Adnoc Distribution to operate 500 high-power EV chargers by 2028
30/11/2010 00:00 AST
Prince Alwaleed has predicted that Dubai's depressed property prices will take several more years to hit bottom and start a recovery because the market is still oversupplied.
Since 2008 Dubai property rates have been falling drastically. The cost of Dubai apartments have lowered. Dubai real estate prices declined six per cent in the third quarter while the United Arab Emirates' biggest construction firm, Arabtec Holding, reported a 96 per cent drop in profit and Deyaar Development PJSC suffered a loss. Dubai apartments which were sold for high prices now their prices have come down. The investors all over the globe are trying their hand out to get best home in Dubai.
As the rates in Abu Dhabi are high compared to Dubai, investors are interested in Dubai property. The areas that are worst hit by the rental declines are in Dubai Marina, Jumeriah Lake Towers and The Views. Even Dubai's rental real estate market is seeing prices fall as an oversupply sees landlords of new units undercutting market rates. This strategy has seen rents fall by up to 38 per cent in some of the emirate's most popular residential areas. The reason behind this downfall in property rates is because of many new constructions which were under progress have been completed. The reports say that it will take almost 20 months for the property market to get stable.
CPIFINANCIAL
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26/04/2025
Saudi Arabia has released the 2024 annual report for Vision 2030, marking the ninth year since the launch of the Kingdom's ambitious national plan to transform itself into a global model for developm
Saudi Gazette
26/04/2025
Hosting the FIFA World Cup in 2034 is expected to transform Saudi Arabia's tourism sector and accelerate the nation's economic diversification, experts said.
The Kingdom was awarded the com
Arab News
26/04/2025
Saudi Arabia's Vision 2030 initiative has seen remarkable progress, with 93 percent of its key performance indicators either fully or partially met since its launch nine years ago, according to the l
Arab News
26/04/2025
Saudi Arabia participated in the 17th edition of the European Economic Congress, held in Katowice, Poland, from April 23-25.
The Saudi delegation consisted of Ambassador to Poland Saad bin S
Arab News
26/04/2025
Etihad Airways, the national airline of the UAE, announced on Friday the launch of its first career fair, in an attempt to connect ambitious Emirati talent with a wide range of career opportunities i
Khaleej Times
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