A tightening credit market will put the brakes on Dubai’s property sales, which are expected to remain flat for the next 12 months at least, according to a report published today by Colliers International.

In June Colliers said that house prices in the Emirate had soared by at least 78 per cent in a year, with 42 per cent of that increase taking place during the last quarter of 2007 and first three months of this year. However, the company now expects prices to remain constant up to 2010.

“Everyone in Dubai is now looking for the magic figure on how much prices have fallen, but because of what’s going on in the US and Europe, we won’t know where we are in terms of liquidity for at least another two to three months,” said said Ian Albert, a regional director at Colliers International.

Dubai property market to flatten out - The National Newspaper