Property prices in Dubai have declined by more than 10% over the past year as investor interest has fallen, according to the third quarter 2015 real estate report issued by consulting firm ValuStrat.

The report discovered a steady decline in prices, stagnant investor interest, delayed supply, stable rents and decreasing sale volumes. The Residential ValuStrat Price Index, which tracks residential values in 26 key locations in Dubai, has shown a 10.3% annual decline and 0.9% quarterly dip in property values.

However, actual residential transaction prices have decreased by 14.7% over the past year, falling by a massive 5.6% in the third quarter alone, when compared to Q2 2015.

Rents are also falling, down by 4% in the year for apartments and -6% for villas during the same period.

In terms of housing supply, the firm said Dubai’s residential market anticipates a total supply of 18,000 apartments and 3,770 villas in 2015, while 15 other new projects started selling units off-plan in Q3, which will add another 30,000 units to the residential pipeline by 2025.