A new report on Dubai’s real estate market is predicting a decline in occupier demand which could lead to a further drop in property values. The consultancy firm Phidar Advisory’s study also indicates that a short-term turnaround in prices is not expected. According to stats for the first quarter of 2016, apartment lease rates fell by over 2%, and villa rents by 4.7%, with the pressure mainly on high-end properties. However, Jesse Downs, Managing Director of Phidar Advisory says the current conditions cannot be compared with the downturn in 2008-2009.
Listen
Dubai International Chamber opens representative office in Toronto
US and UK announce a trade deal, but steel imports unresolved
CBUAE fines exchange house AED 10 million, cancels licence
Trump Organisation launches mobile phone service, handset
AED 750 million in contracts awarded for Palm Jebel Ali infrastructure
