GCC property at the bottom of the barrel?

Depending on how you read it, the Colliers report paint a grim picture, with an opportunity over the next few years. If indeed, you read it that it has reached the bottom of the bottom, and belive what Sheikh Mo, himself, has said, we have passed the worst. You could read it that there is more to go, depending on what you see in the yields. Here's what Zawya found:

Dubai
* 39% decrease in average office sales prices between Q3 08 and Q1 09
* 40%-42% decrease in average residential sales prices since Q4 08
* 20%-40% decrease in residential rental rates dependent upon the circumstances of the landlord
* Average yield of 8.9% on residential property and 8.8% on office property
* Demand projections for Dubai retail property can only absorb a further 140,000 m² of GLA before being oversupplied

Abu Dhabi
* 20% average decline in capital value of residential property launched in Q2 08
* 24% decrease in office rentals between Q3 2008 and Q1 09
* Average yield of 9.9% on residential property

Is it low enough? with residential sales - you would look at it and say, so much so quickly - how much of a risk is that? For those who havent got the meant to speculate for a return, property in general looks too risky. Many will expect a little more than a hunch that property is on a rise, especially in a region that has been painted as boom or bust.

Colliers Report
Colliers International releases GCC Overview Report at Cityscape Abu Dhabi
Dubai property prices to fall further