Prices in Dubai’s residential property market have largely bottomed out, according to JLL MENA’s Head of Research, Craig Plumb, quoted by Arabian Business.

Plumb stated his expectations that a price recovery is likely to take place next year, led by the affordable housing segment. He expects the market to bottom out this year with price declines of around 1% which will be followed by an increase of 4-5% next year.

Recent reports by companies such as Core Savills and Cluttons show that during 2016 rents have declined further but also supporting Plumb’s claim that the recovery might be lead by the affordable segment which already made up for a large amount of transactions this year.