Dubai property prices decline by 0.9%, rents fall by 6.9% in Q3 - central bank | ZAWYA MENA Edition
Residential property prices in Dubai declined on average by 0.9 percent year-on-year (Y-o-Y) in the third quarter of 2020, the UAE Central Bank said in its quarterly report citing data from the Dubai Land Department.
Meanwhile, rents in Dubai continued to decline, decreasing by 6.9 percent Y-o-Y in the third quarter. The implied rental yield in Dubai moved to 6.6 percent in the third quarter, up from 6.3 percent in the previous quarter, the report said.
The average price in the Abu Dhabi housing market increased quarter-on-quarter (Q-o-Q) by 0.9 percent in Q3 2020.
Although prices showed quarterly improvement, this was not enough to offset the negative momentum in earlier quarters, leading to an annual decline by 5.5 percent, the report said.
Rents in Abu Dhabi declined by 3.9 percent Y-o-Y in Q3 2020, after 4.9 percent drop in the previous quarter.
According to the report, the decline in rents by 0.4 percent Q-o-Q compared to the increase in sale prices resulted in a decline in rental yield to 7.0 percent in Q3 compared to 7.1 percent in the second quarter.
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