Property Markets in Dubai Continue to Decline

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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