1 February 2012

UAE housing market to sink further, analysts point to oversupply

Analysts have said the four-year decline in house prices in the UAE isn’t expected to end in 2012, as oversupply and concerns over the health of global economy weigh on the market, Reuters has reported. Growth in the second largest Arab economy is expected to slow this year to 3.1%, which will not help Dubai’s property prices to recover after plunging by two-thirds from their 2008 peak.