GLL Real Estate has predicted in its report the properties prices in Dubai to deflate by 10% to 15% in in 2015.
It’s worth mentioning that properties prices in Dubai surged by 60% in the last two years. The economic status in the state has slightly recovered after 2008 and 2009 debts crisis. The economic recovery had a positive reflection on the real estate market, however, prices are predicted to take a correctional direction in the coming period.
GLL report mentioned that properties prices in the last two years until June 2014 has surged by 56%, however, prices increasing pace slowed down in the second half of 2014 and is predicted to deflate in 2015.
The report added also that rates rate is expected to decrease as well in Dubai. Commenting on the oil price crisis, the report stated that oil prices will have an imperceptible effect on the properties sector, at least in the current period.