Property in Dubai and Abu Dhabi flatlined during the closing quarter of 2014, research revealed yesterday.
Reviews from both JLL, the properties, revealed that house costs in the two cities did not rise at all inside the three months to the conclusion December.
Normal property in Dubai costs dipped by 1 per cent during final three months of 2014, based on the residential property agent JLL while the emirate’s housing market slowed dramatically in the last quarter.
Dubai rental prices also displayed zero per cent growth between October and December 2014, JLL replied, as consumers continued to experience from the introduction of mortgage loan caps by the main Bank and a rise in exchange rates.
However, using details from the information company Reidin, JLL revealed that property in Dubai sales had reported average rises of 12 % throughout the whole of 2014 and apartment sales had elevated by 23 per cent.
JLL documented that a majority of of the advancement had been attained through the 1st half of the year, when Dubai had been inside clutch of a house price increase.
Likewise, JLL revealed that each villa and apartment rents stayed smooth during the course of the final quarter of 2014 while the market stabilised during the closing part of the year.
Overall, even though, residence rents in Dubai rose by the average of 18 per cent through the year and house rents rose 5 percent with many of the increases once again accomplished during the 1st six months of 2014.
The report comes as Dubai Land Department documented that the full amount of investment deals dropped 15 percent in 2014 compared to the last year.
And, with oil prices falling and a lot more new homes due to be completed in the emirate over the coming 12 months, JLL said that it anticipated the real estate slowdown to continue.
Driven Properties 