A decline in Dubai residential property prices is steepening as foreign interest dries up, according to new research.
The emirate’s yo-yoing real estate market, which collapsed by two-thirds in 2008, recovered strongly after the Arab spring unrest of 2011 drove demand for housing in the region’s business haven.
Apartment sale prices decreased 3.7 per cent, while villas fell by 3 per cent in the first six weeks of 2015, when compared to the last quarter of 2014, according to Phidar Advisory, a real estate consultancy.
Dubai residential demand is teetering.
The consultancy added:
Price decline is gradually accelerating
Phidar, which tracks a portfolio of flats and houses across Dubai, said apartment values are down by one per cent and villas are down 8 per cent compared to the first quarter in 2014. >> Read More