The real estate markets of the emirates of Dubai and Abu Dhabi recorded an uptick in rental values and a slowdown in the rate of price drops, according to Bayut.
These developments mark signs of recovery for both markets struggling for quite some time now, according to the report. Drops in apartment prices stood at 1.2% in Dubai and 0.7% in Abu Dhabi in October, compared to their value in the third quarter.
Rental values meanwhile went up in some communities, held their ground or only recorded slight declines, according to Bayut, saying these changes would have a positive bearing on the real estate market. Leading the upward push were the studio apartment rents which went up by 8% in both emirates.
Bayut estimates that these recent developments show signs of a market heading towards maturity, “One where genuine demand from stakeholders regulates supply.”