Dubai property prices fall
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DUBAI: Dubai prime residential property prices fell 1.9 per cent in the first half of the year due to the market being oversupplied, real estate company Savills said.
The Middle East financial hub’s real estate market has steadily contracted since mid-2014 as foreign investor interest cooled.
Prime market prices declined 19.8pc in the past five-years to $600 a square foot “due to high levels of new build stock and global economic uncertainty,” Savills said on Monday.
Savills defines prime properties as those in the top 5pc of the market by price, according to its website.
Analysts say the overall market is down by at least a quarter since mid-2014.
Published in Dawn, August 6th, 2019
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Comments (6) Closed
Aug 06, 2019 09:23am
90% of Investors left Dubai toward Turkey because Turkey offers a better lifestyle and awesome weather.
Lots of my family members were living in UAE for 18 years and they all left for Turkey, Istanbul and they have 0% reason to return back to UAE (Hell on earth - Super HOT).
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Aug 06, 2019 10:43am
Those who have invested in Dubai must be regretting. They have just paid. Penalty on amnesty scheme.
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Aug 06, 2019 07:23pm
Dubai is over priced, it's getting more expensive then Europe and USA, just impossible to live in Dubai. After tax impose it's even more reason to leave Dubai
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Aug 06, 2019 07:36pm
It is just a matter of time before Dubai will return with a bang! Dubai has everything going for it - a liberal economic environment, a tax-free economy, and a vibrant international presence. All it needs is to partner with technologically advanced nations to build STEM incubators encouraging startups to relocate there. Pakistan can take advantage of this situation by encouraging its technology startups to establish a footprint in Dubai. That way, with a first mover advantage, they will be well-poised for establishing partnerships with other startups who relocate there later.
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Aug 06, 2019 07:46pm
End of Dubai
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Aug 06, 2019 08:46pm
@Mr.Afghani, Dubai currency is stable while Turkish Lira has fallen by over 45% in the last one year making all investments made from UAE in dollar fall. So who is better off? One who loses may be 10% or 45%.
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