Dubai property prices sink, market equilibrium not expected soon - report | Reuters

Dubai property prices sink, market equilibrium not expected soon - report | Reuters:

Dubai property prices declined at an accelerated pace in the third quarter, with off-plan sales volumes impacted the most amid general market uncertainty, according to property consultancy Chestertons.

Average sales prices for apartments and villas have declined six percent from the previous quarter, the agent said in a report on Monday. Off-plan sales volumes were down 31 percent, compared with 11 percent for completed units.

“The downward price corrections witnessed in the first quarter and the second quarter of this year have continued throughout the third quarter, albeit at an increased pace,” the agent said in a report.