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Property prices crash in DUBAI

Infra News - Published on Fri, 15 Feb 2019

Image Source: Property News Australia
Daily Mail reported that property prices in Dubai have fallen by around a quarter in under four years, a new report reveals. The drop in the market of around 25 per cent has been blamed on oversupply of high-end luxury developments and falling oil prices. Across the United Arab Emirates and in Dubai in particular, the market has nose-dived over the last two years with prices on the Palm Jumeirah island, one of Dubai's most popular places to live, falling by 9.5 per cent last year.

Capital values across Dubai Marina - a huge man-made area with yachts and sandy beaches - as well as Jumeirah Lake Towers - which consists of 80 towers built along the edges of three artificial lakes - dropped by five to seven per cent over the same period.

The UAE Property Report by high-end real estate agents, Savills, found many of the villa and townhouse sectors, popular with expats, were down across the board.

Apartments in Downtown Dubai fell by 16 per cent while prices in the world's tallest building, the Burj Khalifa, were 12 per cent lower than the average in 2017.

In 2010 a one-bedroom apartment in the Burj Khalifa could have been sold for around USD 800,000, rising to USD 1 million in 2014 when oil prices peaked at USD 100-a-barrel. But, the same apartment could end up going for less than USD 550,000, according to Middle East research brokers, Jones Lang LaSalle.

However, most of its 900 units were bought before the financial crisis of 2008 and so were sold at the higher prices before the global economic slump.

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Posted By : Rabi Wangkhem on Fri, 15 Feb 2019
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