{"id":11506,"date":"2016-04-27T21:44:02","date_gmt":"2016-04-27T14:44:02","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=11506"},"modified":"2016-04-27T20:08:50","modified_gmt":"2016-04-27T13:08:50","slug":"dubai-set-for-another-fall-in-property-prices-says-sp","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-set-for-another-fall-in-property-prices-says-sp\/","title":{"rendered":"Dubai set for another fall in property prices, says S&P"},"content":{"rendered":"


\nAverage house prices in Dubai are likely to fall by another 10 per cent this year with no sign of improvement on the immediate horizon, according to the ratings agency Standard & Poor’s.The agency, which rates bonds issued by three UAE developers – Emaar Properties, Damac Properties and Aldar Properties – said that the historically low price of oil and the strong dollar would continue to push property prices down in Dubai throughout the year, while prices in Abu Dhabi will start to follow suit.In a note published on Wednesday, S&P said that after falling between 10 and 13 per cent last year, it expected similar falls this year with few signs of optimism for the year after.”For the coming year we see no sign of market improvement for the UAE real estate sector, despite housing affordability improving from the current price environment,” said Sapna Jagtiani, the primary credit analyst for S&P in Dubai.”Pressures have arisen from declining oil prices, dampening the hiring and expansion plans of oil-exposed companies; non-oil private companies’ business activities having softened; and the strong US dollar rendering UAE real estate more expensive for international investors holding non-US dollar liquidities.”But S&P said that despite the negative outlook for the real estate market it did not expect to downgrade the ratings on the three developers, which for Emaar and Damac stand at “stable” and for Aldar “positive”.”Generally we believe that our rated developers could absorb a 10 per cent drop in residential sales prices in Dubai this year,” Ms Jagtiani said.The ratings agency said that it came up with its predictions based on reports from property brokers in the UAE as well as from talking to the companies it rated rather than from any specific analysis of Dubai house prices.S&P said that it did not foresee a rebound in oil prices until at least next year.S&P’s predictions come as property brokers debate the timing of a potential property market recovery in Dubai.This month, JLL reported that despite a 10 per cent fall in house prices in the year to the end of last month, average prices in the city were close to bottoming out and values were likely to increase later this year.But Cluttons reported that sales prices fell by 2.2 per cent in the first quarter of the year and uncertainty over oil prices, which has a knock-on effect on banks’ liquidity, meant a recovery in the short term was unlikely.lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai set for another fall in property prices, says S&P<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Average house prices in Dubai are likely to fall by another 10 per cent this...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-11506","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2ZA","jetpack-related-posts":[{"id":44332,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/housing-costs-continue-to-fall-in-dubai-according-to-sp\/","url_meta":{"origin":11506,"position":0},"title":"Housing costs continue to fall in Dubai, according to S&P","date":"February 16, 2017","format":false,"excerpt":"\r The credit rating agency Standard & Poor's has said that it expects house prices and rents in Dubai to continue to fall throughout 2017 because of the continued fallout from low oil prices and currency woes. In a note to investors yesterday S&P forecasted that property prices and rents\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":45624,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-mid-market-focus-signals-coming-surge-in-abu-dhabi-property\/","url_meta":{"origin":11506,"position":1},"title":"Aldar mid-market focus signals coming surge in Abu Dhabi property","date":"February 26, 2017","format":false,"excerpt":"\r Abu Dhabi's embattled property market is poised to experience a Dubai-like growth surge over the next three years as Aldar Properties starts to capitalise on pent-up demand for mid-income housing, a report claims.According to Reidin\/Global Capital Partners, Aldar's announcement earlier this month that it plans to focus on building\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3448,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/affordable-dubai-homes-will-keep-residents-in-uae-for-longer-says-expert\/","url_meta":{"origin":11506,"position":2},"title":"Affordable Dubai homes will keep residents in UAE for longer, says expert","date":"February 3, 2016","format":false,"excerpt":"\r \r New homes aimed at the affordable end of Dubai's property market are widening the pool of potential buyers, making it \"a good time to invest\" despite falling prices, according to one expert.Speaking at the launch for this year's International Property Show, Land Sterling's managing partner Abdul Basset Betraoui\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57912,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/qatari-investors-rush-to-sell-dubai-properties-as-deadline-for-them-to-leave-looms\/","url_meta":{"origin":11506,"position":3},"title":"Qatari investors rush to sell Dubai properties as deadline for them to leave looms","date":"June 14, 2017","format":false,"excerpt":"\r Property brokers in Dubai are reporting a rush in sales from Qatari investors attempting to get their assets out of the UAE before the Monday deadline to leave the country. Brokers say that Qataris in the UAE are selling property portfolios worth millions of dirhams at steep discounts as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57868,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/qatari-investors-rush-to-sell-uae-properties-as-deadline-for-them-to-leave-looms\/","url_meta":{"origin":11506,"position":4},"title":"Qatari investors rush to sell UAE properties as deadline for them to leave looms","date":"June 14, 2017","format":false,"excerpt":"\r Property brokers in Dubai are reporting a rush in sales from Qatari investors attempting to get their assets out of the UAE before the Monday deadline to leave the country.Brokers say that Qataris located in the UAE are selling property portfolios worth millions of dirhams at steep discounts as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24867,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bloom-properties-plans-affordable-housing-in-dubai\/","url_meta":{"origin":11506,"position":5},"title":"Bloom Properties plans affordable housing in Dubai","date":"September 4, 2016","format":false,"excerpt":"\r Bloom Properties has become the latest developer to announce plans to enter Dubai's \"affordable\" housing market.Bloom, which is owned by Abu Dhabi conglomerate National Holding, said that it planned to build a twin tower project of 686 flats in Jumeirah Village Circle in Dubai aimed at \"mid market\" buyers.The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/11506"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=11506"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/11506\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=11506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=11506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=11506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}