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Real estate prices have fallen slightly in Dubai through the year, but have increased since the same period last year, according to a new report.
The document, released by analyst firm Colliers International noted a 4% decrease in house prices since Q1 2010, the first quarter-on-quarter contraction to be registered by the index in 12 months.
However, compared with the same period in 2009, overall prices are up about 7%.
Additionally, number crunchers at the firm worked out that the price per square metre had dipped to AED10,915 down from AED11,420 in the first quarter of the year.
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However, the report’s authors caution that forthcoming housing supply and declining rental incomes are likely to further pressure house prices.
“We anticipate a further slowdown and we have an ongoing concern of the new supply entering the market, which will further impede recovery,” said Ian Albert, a regional director at Colliers International.
“There are already more than 340,000 residential properties in Dubai with an average occupancy rate of 87%, with further declines anticipated. The market simply cannot absorb the additional supply unless the population grows and/or the release of stock is slowed down,” explained Albert.
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