Dubai property prices, rents could drop further in Q4 2020 - Chestertons | ZAWYA MENA Edition:
Dubai’s real estate market may have to brace for tougher times ahead, though more villas and apartments were sold in the third quarter of the year, Chestertons said on Wednesday.
Sales rose by 50 percent in the third quarter of the year compared to the previous quarter. However, the total transaction volumes were still down by 21.7 percent, compared to the third quarter of 2019.
Chris Hobden, head of strategic consultancy at Chestertons MENA, said property prices and rents could drop further during the last three months of the year, citing that the economic slowdown caused by the pandemic, coupled with a decline in population, could dampen the market.
“Dubai witnessed a clear increase in transactional activity during the third quarter, building on a recovery seen during the final month of the second quarter, following the easing of COVID-19 restrictions. However, transaction volumes remain lower annually, and we expect both prices and rents to face further downward pressure over the final quarter of 2020,” Hobden said.
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