The residential property prices in Dubai have been falling for some time now and it doesn’t look like that is changing anytime soon. Despite the correction process for residential property prices already being underway, prices are continuing to drop significantly. This is turning Dubai into an affordable market for those who are looking to rent or buy.
Dubai’s Residential Property Prices Continue to Fall
In the first half of 2019, apartment sale prices in Dubai were 11.7% cheaper than they were two years ago. They were also 3.9% cheaper than they were in the second half of 2018. Though rental prices also fell, apartment sale prices fared a lot worse. As well as apartment sale prices dropping, so did villa sale prices. According to data in this month’s Property Finder Trends report, villa prices in Dubai are now 12.1% cheaper than they were in 2017.
A lot of experts have explained that a price correction and a larger supply of properties will showcase Dubai as an affordable real estate market for investors and buyers, as well as those who are looking to rent.
Meeran Najeeb, Managing Director of Almas Real Estate Brokers, explained that the ongoing correction of residential property prices is expected to bring prices down further.