World Economy

Dubai House Prices Fall 11%

Dubai House Prices Fall 11%Dubai House Prices Fall 11%

The apartment prices in Dubai, UAE, have fallen 11% in the past one year and will decline further because of tighter regulations, rising inflation and a strong UAE currency, Reuters reported. Inflows of cash from troubled areas of the Middle East helped Dubai’s property sector recover from a crash in the previous decade, but that momentum has sagged since the end of 2013 and prices are again in retreat, according to leading real estate investment and advisory firm JLL. Apartment sales prices in the third quarter fell 3% versus the preceding three months and 11% year-on-year, while rents dropped 1% on both a quarter-on-quarter and annual basis, JLL said.