Thursday, Jul 21, 2011
0631 GMT [Zawya Dow Jones]--Investment bank Rasmala sees an additional 15%-20% downside potential to Dubai residential property prices. Reckons residential sales may bottom out at AED600-650/square feet, from current price levels of AED750/square feet. Reckons the Dubai residential market may see delivery of 30,000-35,000 units of apartments and villas combined between 2011 and 2013, upon an existing supply base of roughly 330,000 units. "This translates into roughly 10% incremental supply over three years, which we believe will further depress real state asset values."
(nikhil.lohade@dowjones.com)
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(END) Dow Jones Newswires
21-07-11 0632GMT
