Property prices in Dubai down at 2008 Levels

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Property prices in Dubai down at 2008 Levels

Property prices in Dubai down at 2008 Levels

(Dubai) – Property prices in Dubai have reached the pre-crisis levels, at least in the prime locations, while rates in Abu Dhabi are still below the 2008 peak, according to a report by global ratings agency Standard and Poor’s. It’s good news for banks, which have large loan exposures to the real estate sector, the report adds.
‘Excluding unforeseen shocks, Standard & Poor’s Ratings Services believes a big drop in prices is unlikely in the short term,” said S&P credit analyst Mohamed Damak.
“The three most prominent factors in our view are linked to large government-related developers, foreign investors, and US monetary policy,” the report said.

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