Dubai’s Property Glut Could Mean Two More Years of Price Drop
- JLL says residential property prices may drop between 5% to 8%
- Dubai home values have slumped since 2014 amid oversupply
Residential and commercial skyscrapers among morning fog in Dubai.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Dubai home prices will likely extend declines this year and next as the market works to clear an oversupply that’s been a drag on values since 2014, according to property broker JLL.
“We’re really not at the bottom yet,” Dana Salbak, head of Middle East research at JLL, said on Monday at a virtual event. “We’re likely to see single-digit declines between 5% to 8% over the next year given that supply stays under control and developers continue to phase out their projects rather than flood the market.”