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Property Market in Dubai Sees ‘Emerging Floor’

Dubai, UAE : 17 May 2010

The floundering property market in Dubai might have begun to hit its floor analysts announced today.

Bank of America Merrill Lynch stated that aside from ‘structural hangovers’ and a degree of ‘overcapacity’ the market might be witnessing an ‘emerging floor.’

However, before owners and buyers start celebrating, there was a note of caution in the announcement, with news of an expected 44,000 vacant homes across the Emirate in 2010.

Prices of residential properties are still expected to decline by 15% in 2010, which is an improvement on the 45% decrease that property owners suffered in 2008.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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