'Property prices softening'

While property prices are going to fall this year, the market correction won't be as drastic as 2009, according to Standard & Poor.

Property prices in Dubai’s secondary market are expected to soften this year. However, the market correction isn't expected to be reminiscent of 2009, according to Standard and Poor’s Ratings Services.

“We project a softening in residential real estate prices this year, particularly in the secondary market, given our expectations for an economic slowdown and deteriorating investor sentiment, which will cool demand,” the ratings agency said in its 'UAE banks are well-positioned to face a tougher 2015' report.

In the past two years, the residential property markets in Gulf Cooperation Council countries have improved with Dubai leading the pack, Emirates 24/7 noted.

Though prices and rents stabilised last year, transaction volumes have lowered since the first quarter 2014.

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