| Kippreport.com

Dubai property prices back to 2006 levels, says study

October 4, 2009 12:10 by Dana El Baltaji

Dubai’s residential real estate market prices have fallen to 2006 levels during the third quarter of 2009, according to a study by Landmark Advisory.

Apartment prices fell by 3 percent during this period, bringing the overall drop in prices to 38 percent since the market’s peak in mid-2008. Meanwhile, villa prices rose by 8 percent, although the overall fall in prices since the peak is as high as 39 percent.

Rents in Dubai showed similar trends, with villa rentals up between 6 and 14 percent, depending on their size, and with apartment rents falling 17 percent.

“Our outlook remains tenuous, but the recent burst of activity raises exciting new questions about where these markets are headed,” said Jesse Downs, Director of Research & Advisory Services at Landmark Advisory.

Tags: Dubai, Landmark Advisory, property