Dubai house prices continue to fall
In the second quarter of 2016, houses and apartments in the emirate fell in price by an average of 1.1%. However, analysts believe that the market has almost found the bottom.
These data were published in the latest report by ValuStrat, writes Arabian Business.
At the same time, nine residential areas in Dubai saw an increase in apartment prices. Thus, in International City, prices increased by 2.3%, in Motor City by 1.3%, and in Dubai International Production Zone (IMPZ) by 0.6% over the quarter.
As for villas, in The Lakes area they increased in price by 0.6%, while in Arabian Ranches, Jumeirah Islands, Al Furjan and Jumeirah Park there was a slight decrease in prices.
Dubai rental rates have fallen by 4.9% year-on-year. Phidar Advisory experts predict a further decline in Dubai apartment prices.
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