Dubai property sales drop 42.6%
According to REIDIN. com 1,724 properties in Dubai were sold in H1 2009, down 42.6% as compared to the previous year.
The sales of the property, further, are not expected to be encouraging and are going to be yet another difficult quarter for the property developers.
"We are seeing some signs of stability in the underlying market, but crunch comes in the second half of the year, when a number of developments are due. Any development delays, which we are starting to see, will not allow developers to recognise sales revenues and may lead to further analyst earnings downgrades," said Chet Riley, an analyst at Nomura Securities.
The transactions of the properties have been affected by the fall in the property prices upto 50% in some area of the Emirate.
New Zealand News
- Tesla plans to open Superchargers to other automakers this year: Elon Musk
- 2022 Audi e-tron GT to hit US roads this summer, prices starting at $99,900
- South Korean EV battery manufacturers to invest $35 billion by 2030
- Chinese smart EV maker XPeng to join Hang Seng Composite Index
- New South Wales announces new policy to boost EV adoption
- TenneT adds more electric BMWs to study use of EVs to support power grids
- Italy’s ASPI announces plans to install cross-country ultra-fast EV charging network
- EV ownership costs significantly lower than conventional models: French Study
- Results of Tesla Model S Plaid fast charging study are quite amazing
- Garelli rolls out new electric scooter Ciclone E4 with more power