Rents and property prices are continuing to see a decline in 2017, due to the rising number of affordable housing options, along with a greater choice of post-completion payment options, reports Khaleej Times.
Apartment sales prices recorded an average decline of 3 percent. Prices in DIFC, Jumeirah Beach Residence, Palm Jumeirah, Business Bay and the Greens remained flat, while International City and Dubai Marina had the highest sales price declines at 7 per cent. Further declines were also seen in Jumeirah Village (6 percent), Discovery Gardens (6 percent) and Downtown (5 percent).
Downtown Dubai recorded the largest rental decline in Q2 of 2017 at 6 percent, while Jumeriah Beach Residence and the Greens both went down by 4 percent. Rental rates within Business Bay, Downtown Dubai, Deira and International City fell by 14 percent, 12 percent, 11 percent and 9 percent, respectively.
Villa sales prices recorded a minimal change between the 2 quarters of tis year, falling 2 percent on average. Sale prices were down 2 per cent on average in Q2 2017 and Dubai Sports City, Jumeirah Park and Palm Jumeirah recorded no change.
Villa rental rates declined marginally in the second quarter across all communities except Mirdif and Al Barsha, where prices remained stable. Palm Jumeirah and Springs recorded the greatest rental decline at 4 percent.
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