According to UBS, Dubai house prices will fall another -33% from current levels, despite posting a yearly drop of -47%.

Prices in the emirate will drop another 33 percent to about AED600 sq ft, analyst Saud Masud told Bloomberg.

Dubai landlords have managed to stall a slide in residential rents by keeping supply off the market, according to Landmark Advisory, but this will only provide investors with ‘a temporary respite’.

Dubai-based research house Proleads believes the UAE’s real estate and construction sectors have been the hardest hit in the region by the global downturn, with a total of 566 projects currently on hold or cancelled.