Dubai house prices, rents to drop 10%

Dubai house prices and rents are set to fall 10 per cent more in 2010 and not recover until 2012, as the resumption of some projects and completion of others weigh on an already-oversupplied market, according to a poll.

Residential property prices have fallen 53 per cent so far from their peaks in 2008 due to the global downturn, according to the median estimate of 17 analysts at banks, investment firms and research institutions. Only two respondents said house prices had reached a bottom, while three said they expected prices to reach a trough in the first half of 2010, five in the second half and six in the first half of 2011, showed the poll taken between April 5 and 12.

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