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February 4, 2010

Dubai real estate has further to fall: CBRE

  • Office leasing rates tumbled 57 percent in the fourth quarter, according to the property company.
    • By ADAM SCHRECK
    AP Business Writer

    DUBAI, United Arab Emirates — Dubai's battered real estate market got more bad news Wednesday when a leading property company said it saw little hope soon of a rebound after office leasing rates plunged more than half in a year.

    The bleak assessment by CB Richard Ellis is the latest indication that the Middle East commercial hub's once hot property market faces an uncertain future even as new properties such as the more than half-mile-high Burj Khalifa, the world's tallest tower, continue to open their doors.


     
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