Property prices in Dubai down at 2008 Levels

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.

Posted on May 21 2014. Filed under Business, Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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