Dubai job cuts 'will influence house prices'

The extent to which house prices in Dubai fall over the coming months will be largely influenced by job cuts, it has been claimed.

According to Vince Easton of property consultancy firm Sherwoods, the job market in the emirate is likely to have an effect on real estate prices over the coming quarter, Arabian Business reports.

Speaking at the Dubai International Property show, Mr Easton told the news source that there may be another round of job cuts taking place in March, noting that this will have a "big impact" on the prices of Dubai property.

"We are a nation of expats who have come here to work, make money and live the dream. If jobs are under threat it makes that dream more difficult," he stated.

The Khaleej Times recently stated that the Dubai International Property had opened to subdued demand, with fewer visitors in attendance than last year.