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- Aramco CEO among business leaders urged by China's Xi to protect trade as Trump tariffs loom
- Oil Updates - crude set to rise for 3rd week on Venezuela, Iran pressure
- M&A deals in Saudi Arabia rise in sign of foreign investor confidence: Marsh
- Saudi maritime industry spurring global trade shift
- Saudi Crown Prince issues directives to curb rising land prices and rents in Riyadh
- 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
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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30/03/2025
Mergers and acquisitions in Saudi Arabia recorded a 55 percent annual rise in 2024 as deal value hit $9.6 billion, fueled by foreign investors and key sector activity.
According to Marsh's T
Arab News
30/03/2025
Saudi Arabia's investment in its maritime sector could see a shift in global trade logistics that helps reduce reliance on traditional routes, leading industry figures have told Arab News.
W
Arab News
30/03/2025
In response to the rising land prices and rental costs in Riyadh, Crown Prince Mohammed bin Salman on Saturday directed a series of measures aimed at achieving stability in the real estate sector, th
Arab News
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
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