Real Estate - ArabianBusiness.com
House prices in Dubai fell six percent in the third quarter from the previous quarter caused by tightened bank lending and a summer seasonal slowdown, real estate firm Colliers International said on Sunday.
The blended average house price for the third quarter was AED951 per sq ft, down from AED1,015 per sq ft in the second quarter, the firm said in an emailed report, while transactions fell by four percent.
As in the previous quarter, demand was driven by end-users and favoured established residential projects with completed infrastructure and facilities.
The decline in pricing pushed Collier’s Dubai House Price Index down to its lowest recorded level since the second quarter of 2009.
1 comment:
I not surprise the recession and the real estate market meltdown have gone to other countries.
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