The residential real estate market in Dubai is witnessing a steady influx of buyers who are attracted to the future potential of the housing market here, the overall safety and security and lifestyles at par with other global cities. As per the latest reports, the real estate market in Dubai has become more of a buyer’s market, something which may well spark high demand in the near future and prices may start moving up again according to experts.
Residential realty prices came down by roughly 7.4% in Dubai for Q3 2018 as compared to the same period last year. The fall in prices was also 5.8% in the second quarter of the current year and hence the reduction has only accelerated as per the official announcement made by the central bank of the United Arab Emirates.
The REIDIN residential sales price index was examined by the central bank and this clearly indicated a drop in prices by 2.5% from the earlier quarter itself. Property prices have been coming down almost continually on a month on month basis from the year 2017 itself. Even Abu Dhabi saw residential real estate prices coming down by 6.1% on a year-on-year basis for Q3 2018 after a drop of 6.9% in the second quarter of the year.