The Dubai skyline.
PHOTO BY ARCHIVE
DUBAI – Housing prices in Dubai fell to their lowest levels in more than a decade, according to new data from UAE-based property firm Cavendish Maxwell.
The average villa is now trading for less than it did following the financial crisis that hit Dubai in 2010.
The average price of homes also fell more than 15 percent compared to prices last year, according to the report.
The average single-family home price sunk 24 percent over the past year to Dh1.82 million, according to Property Monitor by Cavendish Maxwell.
“The annual decline in house prices was more pronounced in communities such as IMPZ, Arabian Ranches, Emirates Living, Discovery Garden and Dubai Silicon Oasis, where house prices declined by more than 16 percent on average,” the company said in its report.
On Palm Jumeirah, prices have slipped by 14 percent over the past year. Dubai Marina has seen average home prices decline by 13.5 percent since June 2018, according to the report. ICA/Expat Media
Dubai to create street where it rains all year round
Watch: Sneak peek of Dubai’s new mega promenade
Now rent Burj Khalifa apartment for Dh125,000 per year or Dubai studio for Dh18,000
New rules to reopen Abu Dhabi hotels and their restaurants, bars, beaches, pools, gyms
Emirates refunds over Dh1.9 billion worth of tickets
Abu Dhabi cancels Covid-19 test certificate to visit parks, beaches
Dubai Sky Dome: Dubai to be world’s city of drones
Dubai Parks to reopen on September 23 with 12 new rides for 2020
Pakistani mother, son hit by speeding car in Sharjah
Dh2.2 million gold bars seized from 3 Indians on flight from UAE
Philippines anti-terrorism law: what we know so far
Tenants hit by Covid-19 job loss can end rent contract early: Dubai Rent Dispute Centre judge
Harry Roque apologises for viral dolphin photos
Scam boss Hushpuppi handed to US after Dubai arrest