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No recovery for Dubai real estate as prices slip
Thursday, 9 June 2011 11:39 AM
Dubai property prices continue to fall and political instability in the Middle East failed to give the market an expected boost, Deutsche Bank said.
Home values declined 1.2 percent in May compared with the previous month and rents fell by 1 percent, analysts Nabil Ahmed and Athmane Benzerroug wrote in a note to investors. Apartment prices slid 1.3 percent in May, while villas declined 1 percent.
?Despite talks of renewed interest in real estate following regional unrest, there is no visible sign of an improvement,? the analysts wrote. ?Even if we believe the worst of the downtrend is now behind, new supply, lack of homebuyers? appetite and anemic transaction activity point to further weakness.?
Property prices in Dubai, the second largest of the United Arab Emirates?s seven sheikhdoms, have dropped 64 percent from their peak in mid-2008, while rents have fallen 55 percent, according to Deutsche Bank.