Report: Dubai Property Prices Going Down

Tuesday, 7th June 2016

Dubai property sale prices in several places in the city is said  to have fallen by as much as AED 25,000 ($6,800) over the past year, according to a new report by Core, the UAE associate of real estate firm Savills, reported Arabian Business.

Property values have remained steady or even risen in high-end areas of Dubai, which is populated by wealthy locals and expatriates, according to Al Arabiya.

The report revealed that prices in Jumeirah increased by an average of AED 7,000 ($1,910) while Emirates Hills was down AED 4,000 ($1,090) and Palm Jumeirah, down AED6,000 ($1,630), for the same period last year.

Report also revealed a price drop of AED25, 000 ($6,810)  in Jumeirah Islands, a drop of  AED20,000 ($5,400)  in Jumeirah Village and down AED16,000($4,355)  in Sports City.

The decline in tenant demand is caused by socio-economic and geopolitical deterrents, along with a consolidating job market across the Middle East.

Dubai has a high turnover of expatriates who cannot seek citizenship, thus allowing property investors high rental yields.

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