The residential property market in the United Arab Emirates continues to slow down with the latest index data showing that rents and prices are falling on a monthly and annual basis
In Dubai, prices fell by 0.64% in June month on month and decreased by 6.18% year on year, with both apartments and villas seeing values fall, according to the ReidIn index.
Apartment prices fell by 0.63% month on month and by 6.18% year on year while villa prices were down by 0.71% month on month and by 7.43% on an annual basis, a breakdown of the figures shows.
The lettings market is also declining with rents down 1.3% month on month and 8.81% year on year. Apartment rent decreased by 1.46% on a monthly basis and 8.39% year on year while villa rents were down 0.46% month on month and down 11.02% annually.
There is a lot of conjecture as to why this is. Everyone is offering a variety of opinions. Some talk of oversupply, others a struggling job market, difficult economic times and even lack of demand.
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