The real estate prices in Dubai has receded for the first time in the last four years by 5% according to Knight Frank’s report, which is a global real estate consultancy.
The consultancy has justified this recession by the recent variation which took place between supply and demand as a number of real estate projects in Dubai were finished in the last period.
Kate Everett, a researcher in Knight Frank research unit mentioned that she doesn’t take this recent recession as a negative development as recession rate in other countries could reach 10% in three consecutive seasons. It’s important to mention that Knight Frank monitors more than 54 real estate markets around the world.
The international monetary fund has declared last October that it is no longer worried about the real estate prices rise laziness due to the measures taken by the government in Dubai to evade a price recession.