World Economy

Dubai Property Prices Plummet

Dubai Property Prices PlummetDubai Property Prices Plummet

Average Dubai property prices fell by 11% last year while average rental rates saw only a slight dip of 1%, according to a new analysis, Arabian Business reported. Real estate consultancy Asteco’s latest market report for the emirate said residential sales registered across-the-board declines, with villa prices down 11% year-on-year and apartment prices down 8%. Villas in The Meadows saw the biggest price declines, of 15%, while villas on the Palm Jumeirah recorded price declines of 13% over the year. However, Al Barsha recorded a 9.3% hike in rentals for villas, and similar properties in Mirdiff saw average hikes of 4.2%.