Property buyers turn scarce in Dubai | GulfNews.com:
"Prospective buyers are seemingly in no hurry to pick up property in Dubai — this disinterest is pushing prices even further into soft territory. Based on estimates by the consultancy ValuStrat, apartment prices in Business Bay saw a drop of 6 per cent in the second quarter of the year compared to what they were in the first three months.
Other clusters that saw drops during this period were International, Sports City and Discovery Gardens, all three by an average 4 per cent. Across the 26 locations tracked by ValuStrat, Dubai apartment and villa markets recorded declines by 2.5 per cent and 2.1 per cent quarter-on-quarter respectively. The median value for an apartment in Dubai is now Dh1,324 a square foot, while for villas it is Dh1,368 a square foot.
If the current level of declines were to continue through the rest of the year, that might be a prompt for undecided investors to finally get into the market. As things stand now, the pricing dynamic is very much in the buyers’ favour, with sellers expected to become even more generous with payment terms and incentives to buoy demand."
'via Blog this'
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