UAE property prices to be flat in 2010, says report

A new report by real estate investment and advisory firm Jones Lang LaSalle predicts that property prices in the UAE will be flat in 2010, as the market shows signs of maturity and investors look for opportunities locally instead of globally. 'We expect prices being flat, at best the market will be stable, up or down 5%," Blair Hagkull, managing director of Jones Lang LaSalle for the Middle East and North Africa said. Some properties in non-central locations far from amenities could see declines of 15-20%, he added. The market will move away from off-plan sales in 2010 towards a long-term model based on secure cash flows.