DUBAI, United Arab Emirates (AP) — The head of Dubai property developer Deyaar says he believes the emirate’s battered property prices have largely bottomed out, though he doesn’t expect a recovery from the crash to begin until at least next year.
CEO Markus Giebel told reporters Monday prices have “reached a bottom phase” after plunging by about half in a year. He says he’s “very certain” prices won’t post another sharp drop this year.
Giebel expects prices will fluctuate in a narrow range before possibly starting to recover in 2011.
Deyaar is Dubai’s second biggest listed developer.
Dubai is struggling to get out from under more than $80 billion in debt amassed in part by a vigorous building spree. That property boom has left the city-state with a glut of new skyscrapers.