Residential property prices in Dubai, the worst-performing market in the Middle East for the past three years, haven’t yet benefited from political turmoil in other parts of the region, Deutsche Bank AG said.
Home values declined 1.2 percent in May from the previous month and rents fell by 1 percent, according to Nabil Ahmed and Athmane Benzerroug, two analysts at the bank. Apartment prices dropped 1.3 percent and villas lost 1 percent.
“Despite talks of renewed interest in real estate following regional unrest, there is no visible sign of an improvement,” the analysts said in a note to investors. “Even if we believe the worst of the downtrend is now behind us, new supply, lack of homebuyers’ appetite and anemic transaction activity point to further weakness.”
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