Dubai experiencing property price fall

Some areas of Dubai are experiencing a 40 per cent fall in property prices, new research has revealed.

Property Wire reports that while prices are rising slightly overall, homes in areas such as Palm Jumeirah and Burj Dubai are dropping in value, by as much as 40 and 30 per cent respectively.

And residential property price growth is expected to continue slowing as the year ends, with the decreasing availability of finance and the jump in the number of homes on the market both cited as factors.

Ian Albert of Colliers International explained that the period of boom in the Dubai property market may be coming to an end.

"Over the past three quarters the rate of growth has slowed to the point where we expect overall price growth to enter negative territory in the fourth quarter," he explained.

Middle Eastern Real Estate Consultants recently claimed that new changes to Dubai property law, which will give foreign investors the right to own freehold homes, are "perfect" for attracting investors back to the emirate.

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