House prices fell in Dubai according to the prediction by JLL-Jones Lang LaSalle, a financial and professional services firm specialising in real estate services and investment management.
Sharp drop in property market
Other statistics also show that house prices in the oil rich country, went down by 2% during the first quarter of 2015.
Dubai
From reports made available to our sources from the Land department in Dubai, property deals declined by a whopping 51.8%.
Craig Plumb, head of research at JLL-Jones Lang LaSalle’s office in Dubai, said “These figures come as no surprise although from the face of it they look quite dramatic.”
He also added that 'A fall in volumes is a good leading indicator that prices will fall and we expect that to continue for the rest of this year. Last April the market was still booming, so any year-on-year figures will reflect that fact.'
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