ARN News Centre

Dubai property prices, rents continue to soften

Thursday, 17 October 2019 06:58

Homes in Dubai are getting affordable for more people, with average sales prices and rents dropping during the third quarter of this year.

According to the real estate firm Cavendish Maxwell’s latest data, apartment rates dropped by 16.5 per cent, and average villa/townhouse prices fell 15 per cent.

Rental declines for apartments averaged 15 per cent, while villas/townhouses registered a 12 per cent fall compared to Q3 in 2018.

The report says the drop is mainly due to the steady supply of new homes.

It predicts between 5,000 and 7,000 units to be handed over in Dubai during the fourth quarter of 2019.

More from Business

ADNOC awards manufacturing contracts worth $196.2M

ADNOC has awarded contracts valued at AED 720 million ($196.2 million) to 11 companies for local manufacturing of a wide range of product across the value chain.
Emirates profit hits record AED9.7b in first corporate tax year

Emirates profit for the first half of 2024-25 hit a new record of AED 9.7 billion ($2.6 billion) before the newly implemented corporate tax, up 2 per cent compared to the same period last year.
China stocks fall as investors brace for Trump presidency

China and Hong Kong stocks started lower on Thursday as investors priced in heightened tensions around security and trade in a second Donald Trump presidency, with losses contained by expectations from a key Chinese leadership meeting.
UAE and Australia sign major economic agreement

The UAE and Australia have signed a Comprehensive Economic Partnership Agreement (CEPA), witnessed by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs.
Lulu's IPO raises AED6.32b, share price set at AED2.04

Lulu Retail Holdings PLC today announced the successful completion of the bookbuild and public subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).