Property prices in Dubai have fallen almost 10% over the past year. That’s according to the data company Reidin, which compared prices of villas and apartments between August 2014 and 2015. It’s the latest in a series of reports documenting the correction in Dubai residential property. Property consultants JLL now predicts prices will fall around 15% this year. Still, many developers remain upbeat. Rahail Aslam, CEO of Select Group, told ARN News Centre the correction is healthy, and will be short lived.
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While prices to buy villas and apartments are falling, rents are holding steady. Reidin says rents in Dubai have fallen just 1% over the past year.
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