World Economy

Dubai Property Prices Slump

Dubai Property Prices SlumpDubai Property Prices Slump

Apartment prices in Dubai declined up to 1.3% during the third quarter of 2016, taking average annual falls to 3%, according to a new report, Albawaba reported. Cavendish Maxwell’s report said prices in the emirate have slumped by nearly 12% since peaking in the second quarter of 2014. Sofia Underabi, head of Residential Valuation at Cavendish Maxwell, said: “This decline was initially triggered by stringent government regulations to deter speculators, currency impact of a strengthening US dollar, weakening Russian ruble, and instability in the region. “More recently, the oil price and increasing property supply have been more influential,” said Underabi.


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