UAE Property prices continue to fall
The UAE cities of Dubai and Abu Dhabi have both been named in the bottom 12 percent of real estate markets in relation to price growth over the past year.
Knight Frank’s Global Residential Cities Index for Q3 ranked Dubai 138th and Abu Dhabi 140th. Besides, Global Residential Index for Q3 covers a total of 150 cities. Prices in Dubai have fallen by 1.8 percent on average in the 12 months to September. In the same period, prices fell by 3.1 percent in the UAE capital.
According to Knight Frank, a mix of economic stagnation, high rates of new supply and affrodability constraints are contributing to softening prices in a number of these urban markets.
Source: Arabian Business
Fulya Altunyay/ [email protected]