Dubai house prices halved from a year ago, almost reaching 2007 levels, as tighter mortgage lending and concerns among expatriates about job security hindered the market’s recovery, Colliers CRE Plc said.Dubai’s property market was among the most hurt worldwide by the global financial crisis. Home prices have tumbled by about 50 percent from their peak and may drop another 20 percent this year, Deutsche Bank AG said in June. The market’s collapse followed a construction boom that created thousands of homes just as demand began to evaporate amid the global recession.
By Zainab Fattah, August 2, 2009, Bloomberg
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