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Dubai property prices fell 20 percent in Q2
Average apartment rents have fallen to...
August 9, 2009 4:53 by Aarti Nagraj
Dubai’s average sale prices for villas have fallen by 24 percent and apartments by 17 percent during the second quarter of the year, says a real estate report by Landmark Advisory. During the period, average villa rents fell 19 percent to AED220,350, while average apartment rents dropped 23 percent to AED129,900, says the report.
“Landlords are opting out of the market because of lower rents creating a temporary respite in the price correction process,” said Jesse Downs, Landmark Advisory’s director of Research and Advisory Services in a release from the company. “This short term decline in supply is a market distortion, which will end. Real prices will be determined by what Dubai residents are willing to pay.”