No upturn in 2012 as uae market continues to decline

Housing analysts in the UAE reported this week that the housing market there will continue to decline as the region goes on suffering from too much supply.

According to Reuters, analysts covering the UAE residential sector have concluded that the four-year decline in house prices will not come to an end in 2012.

Growth in the second largest Arab economy is expected to slow this year to 3.1%, which will not help Dubai's property prices to recover after plunging by two-thirds from their 2008 peak.

Prices in the emirate will ultimately ease another 8%, while neighbouring Abu Dhabi, which is now showing signs of pressure, will see housing prices fall by as much as 11% this year.

Source: OPP.org.uk