The renowned property consultants JLL said in a report yesterday that Dubai properties sales dropped by more than 60%, and prices declines also, during the first half of this year.
Residential properties transactions fell by 66% to reach 12.7 billion dirhams in the first half of the current year, also the volume of sales plunged by 69% compared with the same period of last year.
JLL report returned the real estate market plunge in Dubai to the decisions taken by the government this year to ease market volatility as officials have upped the minimum deposit for house mortgages and doubled real estate transactions fees.
Craig Plumb, the regional head of research in JLL, expected transactions value and sales prices to drop further in the second half of this year.
Dubai’s tourism sector suffered also as hotel revenues per room dropped by 9% in the first 5 months of the year. Room rates are likely to drop more in the future by delivering new hotel rooms to the market.