Daily Business Wrap - Dubai housing prices will keep falling - video Dailymotion

The oversupply of units in the market will keep prices lower until 2021 when experts at the S&P expect real estate values to rise again.

Transcript

00:00It's not great news for the UAE's economy, but if you, like most people, rent their houses

00:06in Dubai, then you're probably going to like this.

00:08According to ratings agency S&P, prices of real estate in Dubai is expected to fall by

00:13another 10-15% in 2019 and then 5-10% in 2020, only showing a meaningful recovery in 2021.

00:23S&P said the downturn in Dubai's real estate market will continue in 2019 and stabilize

00:28in 2020, and they blame this on the oversupply of units in the market, saying that it will

00:33take a while for these units to be absorbed.

00:35In other news, the UAE's armed forces signed deals worth 4.8 billion dirhams on the third

00:40day of IDEX, the defense exhibition currently taking place in Abu Dhabi.

00:44Of those 4.8 billion dirhams, 4.3 billion dirhams were awarded to local companies, while

00:48the other 514 million were awarded to international companies.

00:52The figure for the contract awards on day three of IDEX brings the total so far to 16.8

00:58billion dirhams awarded by the UAE armed forces over the past three days.

01:02And finally, the World Trade Organization warned on Tuesday of a global slowdown in

01:06trade as the leading indicator for trade around the world fell to its lowest reading in nine

01:10years.

01:11The World Trade Organization said that the sustained loss of momentum in trade highlights

01:15the urgency of reducing trade tensions around the world because they said such tensions,

01:19together with political risk, could result in a slowdown in the global economy.

01:23This has been the daily business wrap.

01:24Thank you so much for watching.

01:25For more news, please check us out at gulfnews.com forward slash business.