Dubai duress to continue into 2010

According to leading global economists the reality bite hitting property in Dubai & real estate in the UAE is likely to continue for some time yet & may get worse. Eckart Woertz, a senior economist who accurately predicted the credit crisis sees harder times ahead for Dubai, citing further like price falls of 10 to 30%.

The economy is squeezed with restrictive lending, rising unemployment and with so many new projects reaching completion market recovery is likely to be some way off. Woerts describes current stabilisation and stimulus down to government driven activity, which ultimately will fade out.

After that the cheap honeymoon is over and the market will suffer again. Market recovery is a long way off it seems, as Woerts expects it to stumble through the pit before back bone employment and then investment gradually re-energise the region.

Even with some further price falls expected, a long term market recovery means investors considering buying property in Dubai can take their time in getting the best possible deal.