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Dubai home prices drop 6% in Q3

07 Nov 2010

(MENAFN) Property consultancy firm, Colliers International, said that Dubai home prices dropped by 6 percent during the July-September period of the current year, compared to the same period a year earlier, reaching their lowest level since the second quarter of 2009, Reuters reported.

After a period of stable prices, Dubai is beginning to witness a shallow but lengthening slide in overall average prices, said the firm.

Apartment prices dropped 7 percent in the July-September period compared to the previous April-June period of the same year, villa prices declined 5 percent while townhouse values fell 8 percent, Colliers said.

The property consultancy firm expects around 33,000 new homes to be delivered to the market by the end of 2010, down from its previous estimate of 41,000.

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