(MENAFN) As a result of oversupply and the sluggish population growth, along with the complex macroeconomic situation, property prices have been falling in Dubai.
Apartments' and villas' prices fell 5% quarter-on-quarter in the Emirate, their lowest level since 2014, while average rents of these residents declined 2%, according to a report conducted by Chestertons MENA, an international property company.
"As a result of falling sales prices, many end users took advantage of the increased affordability of completed units, as evidenced by the 10% increase in recorded transactions from the previous quarter," head of Consulting and Valuations and Advisory Operations Ivana Gazivoda Vucinic commented.
"The number of new launches dropped during the quarter, which appears to be a strategic decision by developers in a bid to stave off empty units or sales at reduced-price points," Vucinic said.
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