10% decline in Dubai property prices

Thursday, 1 October 2015 10:20

Property prices in Dubai have fallen almost 10% over the past year. That’s according to the data company Reidin, which compared prices of villas and apartments between August 2014 and 2015. It’s the latest in a series of reports documenting the correction in Dubai residential property. Property consultants JLL now predicts prices will fall around 15% this year. Still, many developers remain upbeat. Rahail Aslam, CEO of Select Group, told ARN News Centre the correction is healthy, and will be short lived.

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While prices to buy villas and apartments are falling, rents are holding steady. Reidin says rents in Dubai have fallen just 1% over the past year.

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News

Dubai’s beaches, parks reopen as weather improves
With improved weather conditions across the emirate, Dubai Municipality has announced the reopening of beaches, public parks and open-air markets.
Some Dubai flights cancelled due to adverse weather conditions
Some flights operating at Dubai International (DXB) and Dubai World Central – Al Maktoum International (DWC) were cancelled or delayed on Friday due to adverse weather conditions.
Dubai deploys special patrols, emergency crew to monitor traffic during rains
Dubai Police has deployed a number of patrols, while Roads and Transport Authority (RTA) has positioned more than 2,000 staff to respond to any emergencies due to the unstable weather conditions.

10% decline in Dubai property prices

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