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Dubai property prices seen falling this year

Declining currencies in Europe and falling oil prices add to pressure on home values

Dubai

LIAM Jeffrey was surprised when a couple selling an apartment on Dubai's Palm Jumeirah artificial island asked the property broker to cut the price by 10 per cent just three weeks after they put it on the market.

"They found a property they wanted to buy in London and when they send the money back to the UK, they make up that difference on the exchange rate alone," said the 26-year-old broker at Smith & Ken. "They're not losing anything and that wasn't the case few months ago."

Declining currencies in European countries, whose citizens are among the leading buyers of Dubai homes, are combining with falling oil prices and a tax on foreign property held by Indians to push down home prices in...

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