More UAE homeowners expect property price rises in next 12 months

More UAE homeowners expect property price rises in next 12 months

More homeowners in the UAE are forecasting an end to the years of residential real estate price declines compared to three months ago, according to new research.

Christopher Payne, chief economist at Peninsula, an investment and research company, said the coronavirus pandemic had taken its toll on the UAE market in the second quarter of 2020 but this might be slowly changing.

Abu Dhabi values fell by 8.3% and Dubai by 6.6% over the past 12 months, according to the latest Knight Frank Global Residential Cities Index

Peninsula's Home Sentiment Survey, which measures consumer sentiment towards the residential property market at the end of Q3, showed that 50 percent of homeowners in the UAE expect prices to be stable or increase in the next 12 months, up from 41 percent at the end