Source : The Business Times, November 13, 2008
(LONDON) The advertised price of villas in Dubai dropped 19 per cent between September and October after banks reduced loan-to-value ratios, HSBC Holdings plc said in a report yesterday.
Dubai property prices, including villas and apartments, fell 4 per cent in the month to October, while in Abu Dhabi they declined 5 per cent, HSBC said in an e-mailed note. The report is the first statistical evidence of a weakening housing market in the United Arab Emirates.
Dubai rental yields increased to 6.3 per cent in October from 4.7 per cent in September, it said. -- Bloomberg
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