Dubai property prices decline 3% in Q1 2016
Apartment prices have fallen by an average of 7% over the past year, according to Cavendish Maxwell's Q1 2016 report
Dubai apartment prices decreased by 3% on average during the first quarter of 2016, according to Cavendish Maxwell.
The property consultant said the delivery of new developments in Dubai has increased options for tenants as they move out of established locations towards emerging areas of the Emirate including Dubai Sports City and Dubailand, representing good value for money.
According to its Dubai Residential Market Report for Q1 2016, apartment prices have fallen by an average of 7% over the past year.
Villa prices declined by an average of 3% in Q1 - a faster rate of decline than the 1% seen in the previous quarter.
The market witnessed an 8% decline on average year-on-year - with communities such as The Meadows and Springs declining at 12% and 14% respectively.
The report said prices have declined at a faster rate then rents leading to more attractive gross rental yields in the market, Arabian Business reported.
Approximately 4,600 residential units have been completed in the first quarter of 2016, 10% of which were projects delayed from 2015 and mainly located in JVC, Dubailand and Mohammed Bin Rashid City, the report added.
Looking forward to Q2, the majority of real estate agents predict that both apartment and villa prices will remain unchanged in the following three months.