DUBAI, Feb 19 (Reuters) - Rating agency Standard & Poor’s said on Tuesday it expects Dubai residential property prices to fall further in 2019 due to a continued gap between supply and demand, before a gradual stabilisation in 2020.
“We expect the Dubai residential real estate market to fare no better in 2019 than in 2018, in the base case scenario that S&P Global Ratings uses in its rating analysis on entities in the emirate,” it said in a report.
It said the residential property market is unlikely to see a meaningful recovery in 2021. Since 2014, prices have fallen 25 percent to 33 percent in nominal terms, the report said citing property consultancy Asteco. (Reporting by Davide Barbuscia; Writing by Saeed Azhar; Editing by Kim Coghill)