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01.02.2015
Across last year, the total number of sales transactions for ‘mainstream’ residential properties in Dubai was down 41% compared to a year earlier,
For residents in Dubai, there's good news as the realty market is set to see a dip, bringing down rents and property values.
A new report by property consultancy Knight Frank, property prices could go down by between 5-10% while rentals are in line for an up to 5% dip across the board.
Gulf News reported that data on the ongoing market cycle shows that residential price growth entered negative territory in both the prime and mainstream segments in the third quarter-2014. Moreover, the price indices experienced a second consecutive quarterly decline in the final three months of last year.
Across last year, the total number of sales transactions for ‘mainstream’ residential properties in Dubai was down 41% compared to a year earlier, according to Knight Frank.
