A new report by UBS Bank projects that real estate prices in Dubai will bottom out about 70% from peak prices that were reached in the fourth quarter of 2008. The report says residential property in the emirate could dip as low as Dhs500-800 per square foot, which is 70-57% below peak levels of around Dhs1,850 ($503) per square foot. Prices are estimated to be down by at least 25% at the present time, the report added.