The Q3 Dubai Real Estate Report from real estate consultancy Asteco showed that Dubai Marina posted the highest decline in rental rates at 19 percent, compared to Q3 2016, followed by Downtown Dubai (18 percent), Dubai Sports City (16 percent) and Bur Dubai (16 percent).
Asteco said that in the first three quarters of the year, 10,200 apartments were delivered and a further 3,500 units are due for completion before the end of 2017. In 2016, the total supply was only 8,750 apartments.
Villa rental rates echoed the apartment market, with 3 percent fall compared to the previous quarter and a 10 percent drop annually. It also showed that average property prices in Dubai dropped by 4 percent over the past year, with Business Bay and Dubai Marina prices falling most.
Source Credit: Arabian Business
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