The prices of residential units of Dubai are almost near the peak values of 2008.
S&P Corporate Ratings Director Tommy Trask stated that their company has seen a strong growth and performance of real estate in Dubai and Abu Dhabi over the past two years.
He said that if looked closely, the residential sector of Dubai is currently more or less at the peak levels that were seen in the second half of 2008.
As for the corrections, Trask believes that the emirate will not see any major correction in the short term. He says that if the supply exceeds demand, then in the coming few years Dubai may have to face some more challenges than it expects.