Prices of apartments in Dubai now cost more than 20% less than in 2008, according to a Gulf News report.
One-bedroom apartments could be nearly AED400,000 less, analysts say.
“Prices are good and buyers have negotiating room as the market is slow,” said Ryan Mahoney, CEO of Better Homes Real Estate. “Sellers that were asking exorbitant prices in [the first quarter of] 2014 are now asking a far lesser price.”
Along with rents, sales prices for apartments, villas and offices in Dubai either increased or declined marginally, depending on their locations, between 2013 and 2014, but since 2008, overall prices have actually posted a significant decline.
“On average, apartment sales prices [for the last quarter of] 2014 were 22% lower than in [the same period in] 2008, but still 6% higher than Q4 2013, despite having declined in the second half of 2014,” said John Stevens, managing director at Asteco.