Dubai’s Residential Property Prices May Bottom Out Soon, Jones Lang Says - Bloomberg

Dubai villa and apartment prices may soon bottom out as political turmoil elsewhere in the Middle East and North Africa prompts buyers to look for less-risky investments, Jones Lang LaSalle said.

Apartment prices in most parts of the Persian Gulf emirate are stabilizing or declining slightly, “indicating that the market might be very near its bottom,” the U.S. property broker said in a research report today. Villa sales increased 59 percent by value even as volume fell by nearly a third, indicating that higher-priced properties are attracting the most buyers.

The renewed interest hasn’t resulted in rents or property prices increasing across the board, although some localized markets are now approaching stability, the report said.

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