IN NUMBERS: Residential prices in Dubai are set to fall by up to 5% in the first half of this year, according to Deloitte Real Estate.
In its Middle East Real Estate Predictions Report 2015, the agent said sales in the emirate declined in 2014, predicting that by the end of H1 sales could drop by a further 1%-5% before stabilising in the second half.
Residential sales volumes dropped by 28% last year compared with the previous year, with those falls accelerating in the final quarter of 2014. Deloitte said monthly transactions in Q4 slowed from 1,700 in 2013 to 828 last year.
“We consider residential transactions have slowed to a more sustainable level, and we predict that this level will continue for the remainder of the year,” said Robin Williamson, managing director at Deloitte Corporate Finance.
“Overseas investors will continue to drive demand but transaction volumes may be impacted by events in other global residential markets,” he added.
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