The UAE Property Report by Savills also showed that capital values across Dubai Marina and Jumeirah Lake Towers, also popular with expats, dropped by 5-7 percent in the same period.
It added that prices for apartments in Downtown Dubai were down by 16 percent while values in the Burj Khalifa were 12 percent lower than the 2017 average.
Across the villa and townhouse segment, capital values on an average were down by 9 percent in Arabian Ranches, 12 percent in Meadows and Palm Jumeirah and around 14 percent at Jumeirah Park when compared to December 2017.
Savills said Dubai’s residential real estate market was firmly in a correction phase during 2018 with inventory levels piling up across micro-markets as large schemes launched during 2014–2016 were handed over to the market. A slowdown in global trade and financial markets also weighed down on demand.
Arabian Business reporters Shruthi Nair and Bernd Debusmann discuss the falling real estate prices in the UAE.
(Source: Arabianbusiness.com YouTube channel)