Residential property prices in Dubai noted a 6% year-on-year drop in November, according to a report by Reidin.com.
While rental prices witnessed similar drops, sales prices for apartments saw a 0.8% year-on-year drop; however, villa sales prices increased 1.5% despite a month-on-month drop of 0.02%.
Similarly, Abu Dhabi residential property prices also dropped with apartment sales prices noticing a small month-on-month increase but a year-on-year decline of 1.4%. Villa sales prices meanwhile dropped 1.04% month-on-month and 3.6% year-on-year.
The UAE’s real estate sector is still struggling to recover from the recent oil crisis with some predictions suggesting that the decline would continue into 2017.