World Economy

Dubai Property Prices Slump

Dubai Property Prices SlumpDubai Property Prices Slump

Sales prices in some parts of Dubai have slumped by up to AED25,000 ($6,800) over the past year, according to a new report by Core, the UAE associate of real estate firm Savills, Arabian Business reported. Its latest Dubai Investment Outlook H1 2016 report said that while some of the emirate’s ultra-prime areas have shown relative resilience to price drops since Q1 2015, others have not fared so well. The report revealed that prices in Jumeirah increased by an average of AED7,000 from Q1 2015 to Q1 2016, while Emirates Hills was down AED4,000 and Palm Jumeirah, down AED6,000.