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Dubai house prices continue to soften: Report

Tuesday, 19 February 2019 16:41

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The value of properties in communities like Arabian Ranches, Emirates Living, International Media Production Zone (IMPZ) and Dubai Sports City has fallen by more than 10 per cent in the last year.

These areas are the worst hit by the drop in Dubai's housing prices, according to the real estate consulting firm Cavendish Maxwell's latest report.

Meanwhile, the average sales prices across the rest of Dubai fell by 9.2 per cent year-on-year.

The study also indicates the continued dominance of off-plan apartment transfers, but the overall volumes were lower compared to a year ago.

Transfers of apartments and villas/townhouses have dropped by 42 per cent, while the average house price in Dubai has now decreased to AED 2.69 million.

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