Dubai house prices drop on oil slump and job losses

The pain in Dubai’s property market isn’t about to go away anytime soon.

Home prices are set to fall by 10% this year because of lower oil prices and a strong dollar-pegged local currency, which makes real estate in the emirate more expensive for international investors, according to Standard & Poor’s.

A slowdown in the hiring and expansion of companies is also putting pressure on the market, the ratings firm said in a report. Home prices slumped about 13% in 2015.