Dubai

AS Dubai real estate heads towards what may be its worst year since the financial crisis, Standard & Poor's says investors should be prepared for the pain to continue in 2016.

The ratings company, which in February said home prices would probably slump as much as 20 per cent this year, is pointing to more than just the drop in oil prices for continued pressure on the market: Russians are staying away because of the ruble crisis, while European buyers are balking at the increased expense of Dubai properties because of the euro's drop against the dollar, which is linked to the local currency.