A real estate report issued by Abu Dhabi Islamic Bank noted that rents prices in Dubai plummeted by 3% during the second quarter of this year after featuring 6750 new units in the market. The recently displayed properties will add to the total number of residential apartments in the city which is 479 thousand residential units.
Properties prices fell also in many regions around Dubai; decreased by 3.5% in Sheikh Mohammed Bin Zayed Street, and decreased in the business bay also by 5%.
Paul Maysfiled, executive manager of MBM, the real estate arm of ADIB, returned properties prices depreciation in Dubai to launching many new real estate projects in the region.
In another respect, office properties sector continued its balanced market performance despite displaying new office units as price remained stable in general. Dubai is predicted to witness introducing 2.5 million square meter to the current office properties space by the end of 2015.