Prices uncertain on UAE property

A lack of activity within the Dubai property market is making it impossible to assess exactly how low prices have dropped.

Writing for Bloomberg. Zainab Fattah interviewed a number of analysts and experts on the property market in Dubai on the matter.

The lack of foreclosure auctions and sales means potential purchasers do not have enough data to see what properties are worth in the region.
In addition, the Dubai Land Department's data is also too patchy and incomplete to offer a proper idea of prices.

Prices are known to have fallen since their 2008 peak but Craig Plumb of Jones Lang LaSalle said that until there are more foreclosures, "we are not going to see the bottom of the market".

The National Newspaper, however, has reported that the prospects for the UAE are improving.

A debt restructuring plan has been devised for bankers and the developer Emaar Properties recorded a quarterly profit increase.

The newspaper noted that property sales had suffered as a result of the recession and prices may still continue to fall before recovering.

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