According to an online poll by Arabian Business, more than 60% of people think UAE property prices are going to drop by another 20-30% this year.

Arabian Business asked its readers whether they thought the real estate market had hit the bottom, with just 5% in agreement. Instead, some 63.4% of people thought there was still another 20-30% correction to come.

House prices in Dubai have decreased by 50% from their peak during the fourth quarter of last year. Problems of over-supply and population shrinkage, with thousands of jobless expatriates expected to return home now schools have broken up, will mean continued pressure on prices.

A recent Shuaa Capital survey into investor confidence was also recently released and the Dubai-based investment bank found that 19% of investors believed that the market had bottomed out. It also found the highest increase in investor confidence, rising 16.8 points to 123.8 points on the month.

However, the Arabian Business poll found that only 6.1% of people were optimistic, believing that the market was now on the road to recovery. While, 25.6% played it safe, saying nothing was going to change until the end of the year.