Dubai property prices dropped in past three months

Between June and August prices in some areas of Dubai fell by 4%

Dubai property prices are beginning to level out.
Dubai property prices are beginning to level out.

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Dubai property has dropped slightly over the past three months, in what has been calleed a "healthy balancing" of an inflating market.

Between June and August 2014, prices in some of Dubai's most popular areas fell by almost 4% according to Mashreq bank's Property Wealth Gauge report.

The Jumeirah Park development prices fell by 3.5%  the largest of the declines. Greens saw a decline of 3.1%, the Springs and Meadows dropped 3.4%, Arabian Ranches 3.3%, Jumeirah Village 2.6% and JLT 0.9%.

Dubai Marina saw the smallest drop with prices declining just 0.2%.

Meanwhile, Jumeirah Beach Residence (JBR) prices continued to rise. Between June and August, prices rose by 3.2%, bringing the overall annual increase to 15.2%.

The introduction of the nearby tram line is likely to be bringing the costs up and making JBR a more attractive and accessible place to live.

Overall, property prices in Dubai have risen considerably since the start of the year, in some places by almost 30%.

Between August 2013 and August 2014, homes in International City shot up 28.8% and in Business Bay they rose 26.2%.

Property in Dubai International Financial Centre (DIFC) rose 20.1%, Dubai Marina 15.9% and Jumeirah Lakes Towers (JLT) 15.8%.

But prices are still not close to 2008 levels pre-crash, with some experts describing the area as "grossly underpriced".

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