Dubai property prices sink 7.4 percent as UAE jobs growth slows | Reuters

Dubai property prices sink 7.4 percent as UAE jobs growth slows | Reuters:

Prices for Dubai’s residential real estate sank 7.4 percent in the third quarter of 2018 from a year earlier, with the drop accelerating from a 5.8 percent fall in the second quarter, the United Arab Emirates central bank said in a report on Tuesday.

Prices have been falling quarter-on-quarter almost continually since the start of 2017 because of a worsening supply/demand balance. The central bank quoted the REIDIN residential sales price index, which showed prices fell 2.5 percent from the previous quarter in July-September.

Residential real estate prices in neighboring Abu Dhabi, the other big emirate in the UAE, dropped 6.1 percent year-on-year in the third quarter after a 6.9 percent slide in the second quarter.