The slide in Dubai property values is not over yet. Already down by more than 50% since the third quarter of 2008, analysts say prices could fall another 30%across some areas of the emirate.
One reason for this is a simple supply and demand imbalance. The property consultancy Colliers International had forecast that 34,000 new residential properties would come to market in Dubai by the end of next year.
While prices are likely to remain flat in sought-after communities such as The Greens and The Springs, new property in the parts of town that still lack amenities, or are yet to be connected to water and electricity, will suffer, the consultancy Jones Lang Lasalle said.