Warren Buffett’s real estate brokerage is expanding into the Middle East with an office in Dubai.
Dubai's over-supplied property market has steadily fallen since a mid-2014 peak, hurting earnings of the emirate's top developers and forcing construction and engineering firms to cut jobs and halt expansion plans.
There was a rush to complete property sales in Dubai in the last 10 days of 2018 but experts are predicting that both prices and rents are set to keep falling in 2019.
Known for its glittering skyscrapers and luxury villas, the Dubai property market is oversupplied, especially in the residential sector where prices have fallen steadily from a peak in mid-2014.
Prices for prime waterfront properties around the world are on average 40% higher than comparable properties inland, new research has found.
Prices have been falling quarter-on-quarter almost continually since the start of 2017 because of a worsening supply/demand balance.
Average sales prices for apartments and villas have declined six percent from the previous quarter, the agent said in a report on Monday. Off-plan sales volumes were down 31 percent, compared with 11 percent for completed units.
The six-month event, the first World Expo to be staged in the Middle East, is expected to attract up to 300,000 visitors a day when it opens in October 2020
Exhibitors at the three-day Cityscape Global showed off models of high-end skyscrapers and even "Floating Venice", a resort complete with underwater suites
Supply of such properties in 2017 would not be far off demand, reflecting a move towards stability, Adil Taqi said
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