|10-22-2014, 09:42 PM||#1|
Dubai real estate sees downward trend for a third quarter
Dubai`s real estate sector witnesses a downward trend for a third consecutive quarter this year with a stabilization or actually lower rental rates and prices.
Apartment and villa rental rates plummeted slightly by 2 percent and 3 percent respectively while sales prices plunged by 1 percent compared to the second quarter rates.
Villa rents in The Springs saw their biggest quarter-on-quarter falls; dropping by 8 per cent in the three months to the end of September to between Dh180,000 and Dh205,000 for a three-bedroom villa.
"For the first time since 2012 we have seen both residential rental rates and sales prices decline as a result of a natural adjustment to ongoing new supply entering the market. The impact of mortgage cap and higher transaction fees is also making it more expensive for prospective buyers to get onto the Dubai property ladder," said John Stevens, managing director, Asteco
"It`s a wait-and-see scenario on the part of buyers right now, and we believe that sales prices may soften further with more new supply on the way," he added.
The recent persistent sales and prices drip is of course perceived as lower profits for estate developers but on the other hand it suggests higher sales.
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