Dubai property prices could fall 20%, Al Abbar says

the chairman of emaar said property prices in dubai could fall about 20% on average, in remarks published on monday. he did not give a timeframe. mohammad al abbar also said emaar's financial position was strong but the firm had no plans to buy back shares, but it might consider delaying some projects if market conditions indicated a need to postpone putting new units for sale. asked about views that real estate prices could fall as much as 60%, al abbar told al khaleej newspaper that he believes a decline of 60% is 'illogical'. he said declines would reach up to 30% in some areas depending on the level and location of units, but on average they would be about 20%.