Dubai Third-Quarter House Prices Fall 6% on Reduced Lending, Colliers Says

"The deepest global financial crisis since the 1930s led Dubai property prices to drop by more than 50 percent from the 2008 peak and forced builders to cancel half of their projects in the emirate. Property prices in Dubai will continue to drop due to an oversupply of housing units and offices over the next 20 months, said Mohamed Alabbar, chairman of Emaar Properties PJSC, the U.A.E.’s largest developer."