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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.

Residential and commercial skyscrapers among morning fog in Dubai.

Photographer: Christopher Pike/Bloomberg
Updated on

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.”