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UAE 'Apartment Prices to Fall 30pc'
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The apartment prices in the UAE are likely to plummet by about 30 per cent during this year amid fall in the occupancy rates, according to a recent survey.More than 1,000 householders in the UAE took part in an exclusive survey conducted by the Arabian Business during March to find out the true picture of the real estate market in the emirates.
When asked how much they expected freehold prices for apartments to rise or fall this year, 60 per cent said they foresaw a decline of between 30 to 50 per cent.
"Of those, 26 per cent saw a fall of 50 per cent, 15 per cent predicted a drop of 40 per cent and another 19 per cent expected a fall of at least 30 per cent," the survey said.
Another 21 per cent saw 2009 price falls of between 10-20 percdent while nine percent predicted that prices would remain flat.
By contrast, only seven percent of people who took part in our Property Survey said they expected any kind of rise during 2009, the Arabian Business reported.
The response comes a few weeks after UAE investment bank Shuaa Capital said real estate values in Dubai could plunge by 60 per cent by the end of 2009.
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