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- Closing Bell: Saudi main index closes in green at 12,025
- Saudi Arabia's job market strengthens as unemployment falls to 7% in Q4 2024
- UAE unveils new dirham symbol and digital currency
- Oil Updates - crude holds near 1-month high, set for 3rd week of gains amid supply woes
- Qatar Islamic Insurance Group AGM proposes cash dividend of 50% of paid-up capital
- QCB licenses PayLater to provide BNPL services
- Qatar Stock Exchange listed companies report QR51.18bn net profits for 2024
- Oman seeks bids for Jabal Shams Grand Canyon project
- Jafza expands logistics park with strategic investment
- Innovation, collaboration key to sustainable growth: Sabic CEO
30/11/2010 00:00 AST
Prince Alwaleed has predicted that Dubai's depressed property prices will take several more years to hit bottom and start a recovery because the market is still oversupplied.
Since 2008 Dubai property rates have been falling drastically. The cost of Dubai apartments have lowered. Dubai real estate prices declined six per cent in the third quarter while the United Arab Emirates' biggest construction firm, Arabtec Holding, reported a 96 per cent drop in profit and Deyaar Development PJSC suffered a loss. Dubai apartments which were sold for high prices now their prices have come down. The investors all over the globe are trying their hand out to get best home in Dubai.
As the rates in Abu Dhabi are high compared to Dubai, investors are interested in Dubai property. The areas that are worst hit by the rental declines are in Dubai Marina, Jumeriah Lake Towers and The Views. Even Dubai's rental real estate market is seeing prices fall as an oversupply sees landlords of new units undercutting market rates. This strategy has seen rents fall by up to 38 per cent in some of the emirate's most popular residential areas. The reason behind this downfall in property rates is because of many new constructions which were under progress have been completed. The reports say that it will take almost 20 months for the property market to get stable.
CPIFINANCIAL
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28/03/2025
Saudi Arabia's unemployment rate for nationals in the fourth quarter of 2024 reached 7 percent, marking a decrease of 0.8 percentage points compared to both the previous quarter and the same period l
Arab News
28/03/2025
The Central Bank of the UAE on Thursday introduced a new symbol for the nation's currency, both in its physical and digital forms, marking a significant step in reinforcing the UAE's status as a lead
Arab News
28/03/2025
Qatar Central Bank (QCB) issues its first license in the country for Paylater to provide Buy-Now-Pay-Later (BNPL) services.
In a post on X platform on Thursday, QCB pointed out that issuing
QNA
28/03/2025
Omani authorities have invited bids for the first phase of Jabal Shams Grand Canyon, a major tourism project that boasts key attractions including a recreational area, a glass walkway, a tourist reso
Trade Arabia
28/03/2025
Jebel Ali Free Zone (Jafza) is strengthening its position with a strategic investment of AED90 million ($25 million) in Phase Two of its cutting-edge Logistics Park.
Adding 360,000 square f
Trade Arabia
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