No real estate gains for Dubai as softening continues

Dubai: As another quarter goes by, it seems there is no stopping the downward trend in sales transactions and values that has taken hold of the Dubai property market.

At this rate — and without something happening suddenly to turn things around — home prices in Dubai could continue to drop all through next year, according to projections put out by the consultancy JLL, with the next ‘growth cycle’ being pushed further down the line to the period just before Dubai’s Expo 2020.

Apartment prices in the third quarter dropped 3 per cent compared to the second quarter but for tenants there is little to cheer about as rental values fell 1 per cent quarter-on-quarter, JLL estimates show.

Meanwhile, on a year-on-year basis, in the 12 months leading up to end September, residential values are down 11 per cent — something that confirms Dubai now is very much a buyer’s market.

Here is what Mr. Juwaad Baig , CEO of Al Madina Al Raeda Real Estate and Elite City has to say, 'This is the stage where any buyer knows you can get the best bargains. There’s no rush to buy today because many believe they could get even better deals later on,”