Dubai: Anyone looking to buy property in Dubai might have reason to take a pause — apartment sales values in the city dropped 1 per cent during the third quarter and could soften further in the current three-month cycle.
It further indicates the fact that Dubai’s property market is turning gradually into a buyers’ one after sellers called all the shots since 2012. “Sales prices may soften further in the fourth quarter of 2014 as new supply enters the market”, according to a report released by Asteco. The current soft cycle in property values would thus force potential buyers to consider getting in now or whether to hold off until there is a marked dip in asking prices.
With rents also softening in key freehold clusters in the city, it is the first time since 2012 that both sales and leasing values hit a lower note, according to Asteco, adding this is “a result of a natural adjustment to ongoing new supply entering the market”.