Lower occupancy demand to bring Dubai property prices down: report

Tuesday, 5 April 2016 15:27

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

More from Business

Standard Chartered issues clarification on local operations

Standard Chartered Bank has clarified that reports of staff being evacuated from its Dubai offices are inaccurate.
DP World reports record $24.4bn revenue for 2025

DP World has announced its financial results for 2025 on Thursday, with a 22.4 per cent increase in revenue to $24.4 billion, and adjusted EBITDA up 18 per cent to $6.4 billion.
IEA proposes record release of strategic stocks in response to Iran war oil price surge

The International Energy Agency (IEA) on Wednesday recommended the release of 400 million barrels of oil, the largest such move in its history, to try to restrain soaring crude prices amid the U.S.-Israeli war with Iran.
H.H. Sheikh Hamdan highlights economic resilience at Dubai Majlis

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, UAE Deputy Prime Minister and Defence Minister, attended a specially convened Dubai Majlis to discuss strategies to reinforce economic resilience.