{"id":4738,"date":"2016-02-15T00:00:30","date_gmt":"2016-02-14T17:00:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=4738"},"modified":"2016-02-14T21:58:38","modified_gmt":"2016-02-14T14:58:38","slug":"kpmg-forecasts-more-pain-for-dubai-housing","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/kpmg-forecasts-more-pain-for-dubai-housing\/","title":{"rendered":"KPMG forecasts more pain for Dubai housing"},"content":{"rendered":"


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\nHouse prices in Dubai will continue to suffer this year as cheap oil and the strong US dollar push properties beyond the means of many overseas investors, according to the latest report from consultants KPMG.The low global price of oil is also depressing the Dubai housing market, KPMG adds as it restricts the ability of some potential purchasers to buy and also because it is likely to prompt governments to cut budgets, which in turn means slower infrastructure growth.
\nPolitical unrest across the Middle East and economic uncertainties in China and Russia add to the factors deterring investors from entering the market, the company, one of the Big Four financial services firms, added.However, KPMG expects the market to start to recover in 2017 as infrastructure work surrounding the Dubai Expo 2020 gets under way, kick-starting the economy and driving demand for housing.
\n“Although 2016 could be challenging in the short term, with effective regulations in place and the infrastructure investment that is committed as part of Expo 2020, we should see an upturn in the real estate industry in 2017,” said Sidharth Mehta, partner and head of building, construction and real estate at KPMG Lower Gulf.”When preparation for Expo 2020 picks up, we expect to see a significant amount of job creation and an increase in demand for residential real estate,” he added.
\nAlthough most property brokers agree that house prices in Dubai fell by 10 to 15 per cent in 2015, experts disagree about when the current downturn will end and the market will start to recover.Last month the niche agency Phidar predicted a further decline in prices of up to 20 per cent through 2016 and 2017, as declining rents weaken investor returns.But other brokers have been more optimistic.In January, the property data company Reidin and consul\u00adtancy ValuStrat both reported signs of price declines plateauing after 18 months of declines.
\n“Some might suggest that this is a bottoming out of the market and the only next step is for values to go up,” said the ValuStrat research manager Haider Tuaima.”We’re not saying that at the moment, but it seems the signs are indicating that we’ve reached a predictable stage of the market. If all other economic factors are the same, we are assuming it will stay this way for the next three to six months.”
\nlbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…KPMG forecasts more pain for Dubai housing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

House prices in Dubai will continue to suffer this year as cheap oil and...<\/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-4738","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\/p75ss1-1eq","jetpack-related-posts":[{"id":89652,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/kpmg-said-to-re-its-audits-of-dubai-buyout-firm-abraaj\/","url_meta":{"origin":4738,"position":0},"title":"KPMG said to re its audits of Dubai buyout firm Abraaj","date":"May 24, 2018","format":false,"excerpt":"\r Sources say KPMG is conducting an internal re following the alleged misuse of funds\r \r Source : arabianbusiness.com\r Read more...KPMG said to re its audits of Dubai buyout firm Abraaj","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":150938,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-tourism-soars-as-94-of-visitors-report-high-satisfaction-kpmg-data-shows\/","url_meta":{"origin":4738,"position":1},"title":"Dubai tourism soars as 94% of visitors report high satisfaction, KPMG data shows","date":"April 11, 2025","format":false,"excerpt":"\r The report underscored the changing traveller profile to Dubai, as visitors seek eco-conscious, boutique experiences with a local flavour\r \r Source : arabianbusiness.com\r Read more...Dubai tourism soars as 94% of visitors report high satisfaction, KPMG data shows","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/04\/burj-al-arab-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":44332,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/housing-costs-continue-to-fall-in-dubai-according-to-sp\/","url_meta":{"origin":4738,"position":2},"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":7458,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uae-still-has-luxury-property-on-the-agenda\/","url_meta":{"origin":4738,"position":3},"title":"UAE still has luxury property on the agenda","date":"March 10, 2016","format":false,"excerpt":"\r \r With a DJ pumping out ambient music and a buffet large enough to feed a village, all aboard a yacht sailing around the azure waters of the Arabian Gulf, Azizi Developments became the latest Dubai developer to pull out all the stops in an attempt to showcase off-plan\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52003,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/reits-offer-efficient-way-to-own-uae-properties-without-the-hassle\/","url_meta":{"origin":4738,"position":4},"title":"Reits offer efficient way to own UAE properties without the hassle","date":"April 16, 2017","format":false,"excerpt":"\r Real estate and construction are regarded as global drivers of economic growth and critical sources of employment. In western Europe, where slower economic growth and political uncertainty have squeezed transaction volumes and prices, over-weighted ownership of real estate assets is increasingly seen as a risk.Even in the United States,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4706,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/demand-for-dubai-industrial-property-outperforms-housing-and-office-sectors\/","url_meta":{"origin":4738,"position":5},"title":"Demand for Dubai industrial property outperforms housing and office sectors","date":"February 14, 2016","format":false,"excerpt":"\r \r Demand for industrial property in Dubai is holding up despite the slump in both residential and commercial markets.A new report by the consultancy Core Savills found that industrial rents \"were broadly stable\" across most of the estab\u00adlished industrial areas in the city throughout last year, while some of\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\/4738"}],"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=4738"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4738\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=4738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=4738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=4738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}