Dubai property latest

Prices set to drop another 33% according to experts

Dubai house prices will fall another 33 percent from current levels, despite posting a yearly drop of 47 percent, UBS said on Thursday.

Prices in the emirate will drop another 33 percent to about AED600 ($163) per sq ft, analyst Saud Masud told newswire Bloomberg.

Dubai landlords have managed to stall a slide in residential rents by keeping supply off the market, Landmark Advisory said in August.

But this will only provide investors with "a temporary respite", the company said.

"When more inventory hits the market and someone's apartment sits vacant for six to nine months, they are going to cave in, and that's when we'll see the re-pricing of assets," Masud said.

The UAE's real estate and construction sectors have been the hardest hit in the region by the global downturn, with a total of 566 projects currently on hold or cancelled, Dubai-based research house Proleads said on Wednesday.

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