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Dubai property prices may drop to lowest in 10 years: S&P

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The widening coronavirus pandemic could see Dubai property prices falling to levels last seen 10 years ago, according to S&P Global Ratings. “We believe real estate prices are approaching levels seen at the bottom of the last cycle in 2010, and are even lower on an inflation-adjusted basis and considering sales incentives for off-plan property," S&P Global Ratings said in a report. “We also expect negative employment trends across some key sectors such as tourism and retail, as well as for certain small and midsize enterprises, which could weigh on demand for new properties." S&P rating action: Emaar Properties and Emaar Malls’ BBB- ratings on creditWatch with negative implications.

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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
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Recovered: 0
Russia
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Cases: 8 494 589
Deaths: 237 619
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