Residential property prices in Dubai dipped during the third quarter of the year following a fall in transactions, new figures show.
Annual sales prices in both villa and apartment sectors fell by an average of 1% in Q3, reflecting a sharp decline in the July-September quarter.
A new report by Chestertons reveals that property values in Dubai dropped by 29% quarter-on-quarter, with total residential transaction volumes decreasing by 24% in Q3.
Around £750m worth of residential sales transactions were recorded last quarter, with Dubai Marina the most popular area of the emirate with sales worth around £143m.
Robin Teh, country manager, UAE valuations and advisory director, MENA, said: “Dubai Marina will always be an attractive location for investors with consistently high levels of yields.
“The highest transaction values remained in the prime areas such as Emirates Living, Palm Jumeirah and Downtown Dubai. However, as investors bide their time on the bottoming of the Dubai market, total transaction volume and values dropped in the last quarter, compounded by the traditional lull in activity due to the summer and holiday season.”