Recently, S&P Global Ratings reported that Dubai real estate prices could decline by 10 to 15 percent over the next two years, hit by new supply, geopolitical risks and the introduction of value added-tax in the United Arab Emirates.

A logo of Dubai's Emaar Properties is seen on a building in Dubai, United Arab Emirates January 12, 2018.
A logo of Dubai's Emaar Properties is seen on a building in Dubai, United Arab Emirates January 12, 2018. ( Reuters Archive )

Dubai’s once-booming property market is firmly in a slump.

House prices have been falling in Dubai in recent years, with S&P Global Ratings warning that the trend is expected to continue until at least 2020.

House prices in 2009-2010 plunged more than 50 percent from their peaks, pushing Dubai close to a debt default.

To try and turn things around, officials are planning a series of road-shows in key international markets this year, like the US, Russia and in particular, China.

TRT World's Nawied Jabarkhyl reports.

Source: TRTWorld and agencies