Rental housing in Dubai has become cheaper by 20-40%, and the cost of office real estate fell by 39% in the first three months of 2009.
Experts note that stabilization of the real estate market in the Gulf countries is possible only with noticeable improvements in the global economy that will lead to higher oil prices.
Earlier it was reported that before the global financial crisis, the Dubai housing market had only grown for five years: housing prices increased fourfold. However, from September 2008 to the end of January 2009, housing prices in Dubai fell by 25%. According to Lenta.ru, implementation of most large residential projects started by developers has been suspended. Many potential buyers and investors have taken a wait-and-see position.