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Dubai house prices and rents dip during Q3 2014

Dubai’s off-plan sales market has retained its momentum despite stagnation in capital value growth and a fall in transactions, Cluttons said on Wednesday 17th of December 2014.

Its latest research showed that freehold transactions fell by almost one third during the third quarter of this year while house price growth slipped by 0.3%, marking the first decline since Q1 2011.

The report also highlighted a 0.4% dip in average rents across Dubai’s freehold areas during Q3. However, it added that Dubai’s off-plan residential sales market remained ‘buoyant’ and ‘continues to attract regional and international investors’.

Cluttons’ latest research also found that, one year after the introduction of the Federal Mortgage Cap, the market is now showing signs of succumbing to deposit requirements imposed on buyers, and is entering an anticipated period of more measured and sustainable expansion.

During the third quarter fall in property prices, average values are still 10% when compared to 12 months ago, while rents are still 5% higher than in Q3 2013.

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