UAE: Property Prices Continues Plummeting in Q3

SourceAl Bawaba
SectorReal Estate

“Slowly but surely, stability continues to be achieved in the UAE as market activity resumes and consumer confidence is restored,” analysts at Cavendish Maxwell said. "The biggest indicator of this is the spike in property transaction levels in the third quarter versus the previous quarter, as investors and end-users act to secure quality spaces at attractive prices," said Aditi Gouri, head of strategic consulting and research at Cavendish Maxwell wrote in 'UAE Property Market Report'. “Capital values remain under pressure in areas with excessive existing or upcoming supply while the more sought-after communities are experiencing stabilisation in prices, and even appreciation in certain cases,” said property consultancy in its report. The report noted that the pandemic has changed preferences from living to shopping as people choose bigger and more open spaces to live in and increasingly adopt e-commerce as a preferred means to shop and dine. “Property developers and operators across sectors must be aware of these changing preferences and will likely have to alter or repurpose upcoming project offerings.” In the third quarter, average residential property prices in Dubai declined 11.7 per cent over the 12-month period from third quarter of 2019 and 4.6 per cent on a quarterly basis. Average apartment more...