A new report on Dubai’s real estate market is predicting a decline in occupier demand which could lead to a further drop in property values. The consultancy firm Phidar Advisory’s study also indicates that a short-term turnaround in prices is not expected. According to stats for the first quarter of 2016, apartment lease rates fell by over 2%, and villa rents by 4.7%, with the pressure mainly on high-end properties. However, Jesse Downs, Managing Director of Phidar Advisory says the current conditions cannot be compared with the downturn in 2008-2009.
Listen
UAE defence deals worth AED 3.77 billion announced at Dubai Airshow
Emirates to operate largest Starlink-enabled fleet
Flydubai orders 60 GEnx-1B engines for first widebody fleet
Emirates orders 65 more Boeing 777-9 jets at Dubai Airshow
Hyundai Motor to invest $86 billion in South Korea after US trade deal
