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04.03.2015
Phidar Advisory has revealed that apartment sale prices fell by 3.7% in the first six weeks of 2015. Meanwhile, prices for villas fell 3%. A decline in Dubai residential property prices is steepening as foreign interest dries up, new research says.
An article in Financial Times quoted research by Phidar Advisory, which has revealed that apartment sale prices fell by 3.7% in the first six weeks of 2015. Meanwhile, prices for villas fell 3%.
“Dubai residential demand is teetering,” Phidar said in a note. “Price decline is gradually accelerating.”
Transaction volumes are up a marginal 1.7% in January, compared with the same month in 2014, although apartment volumes are up 8% over the same timeframe.
Brokers say many homeowners are adopting a wait-and-see approach, hoping that the price decline proves temporary.
