Dubai: Property suffers biggest price drops in 4 years

Chestertons MENA said sales prices for apartments and villas fell 5 percent quarter-on-quarter in Q1, denoting the highest quarterly drop in sales prices since 2014.

Its Q1 report added that rental rates for apartments and villas fell 2 percent, with the Greens, a standout performer in recent years, falling 4 percent. The villa market, notably Palm Jumeirah also fell 4 percent.

From an apartment sales perspective, Business Bay and Silicon Oasis saw the steepest declines at 9 percent.

In the villa sales market, all communities experienced falling prices, with Palm Jumeirah and the Meadows and Springs recording capital depreciation of 8 percent.

In the rental market, The Greens witnessed the greatest decline in apartment rents, dropping 4 percent, closely followed by Business Bay, International City, Jumeirah Village Circle and Motor City, all of which declined by 3 percent.

Villa rents saw the highest decline in Palm Jumeirah at 4 percent followed by a 3 percent decline in Arabian Ranches and Victory Heights. Jumeriah Golf Estates was the only community not to witness any decline.

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