One property analyst is anticipating falling sales rates among real estate assets in Dubai over the coming months, predicting a decline of between ten and 15 per cent.
In an interview with Gulf News, head of research and consultancy at CB Richard Ellis (CBRE) Matthew Green commented that it is important to look at “the fractional nature of the market as it stands”, which has resulted in certain developments experiencing price shifts but not the sector as a whole.
Mr Green stated: “Overall demand is still outweighed by existing supply and this situation is unlikely to change in the short term.”
He added that economic difficulties in the US and Europe have not done the Dubai property market any favours.
Last month, CBRE published a report that revealed rents in several of the northern emirates have dropped significantly.
According to the organisation, rental rates for apartments in the region fell by an average of 18 per cent year-on-year, with Ajman and Umm Al Quwain among the hardest hit areas.