Financial crisis 'impacting Dubai market'

The sharp fall in property prices in some areas of Dubai has been caused by a failure of the emirate's financial system, one real estate manager has stated.

Speaking to Property Wire, chief executive of the Dubai-based Sweet Homes Group Fahad Sattar Dero explained that sales in the sector will resume once the uncertainty surrounding the finance system is removed.

And he noted that the unrest caused by the credit crunch is resulting in many buyers holding off on making purchases.

"It is now probably time for a reality check and an opportunity for investors to go back to their drawing boards and wait for the right values to come back to the market," he told the news source, adding that those considering investment need to remain patient if they want to avoid making a loss.

Property Wire recently reported that some areas of Dubai have seen property values fall by as much as 40 per cent.

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