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Property prices in the UAE will remain steady over the next three years and will have a slowing down affect on the UAE economy, according to a survey of investment professionals in the Middle East.
The National reported that of the 166 CFA Institute members surveyed between January 13 and 22, 57% said they expected real estate prices would not increase and 40% believed it would affect economic growth.
Amer Khansaheb, the president of CFA Society Emirates, said it was high time property prices fell. “Prices have increased so much over the past year that they are threatening the competitiveness of the UAE in terms of cost to different companies,” he said. “At a certain point when living costs become too high, companies will have to relocate.”
About 88 per cent of respondents said that the fall in oil prices was not beneficial to the sustainability of the UAE economy.
