The increasing supply in Dubai continued in casting pressure on apartment price during the second quarter of this year to drop by 2%, according to the latest report issued by Asteco Property Management.
The report mentioned that sales price of apartments, villas, and offices in Dubai decreased by 3%, 2%, and 2% accordingly during the second quarter, compared to the same period of last year.
Property prices are expected to head in the same trend in the coming period after delivering 15,000 apartments, 2,900 villas, and 2.5 million square meter of office spaces in the second quarter.
The International City and Dubai Harbour signalled the highest drop in price with 7%. Also property prices dropped in Jumeirah by 6%, Discovery Gardens by 6%, and Dubai Downtown by 5%.
The CEO of Asteco John Stevens said that real estate market recovery hinges on the economic improvement by increasing the governmental expenses, proceed the economic diversification strategy, and oil price recovery.