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Dubai real estate prices and rents fall in the third quarter

Real estate purchase and rental prices fell in Dubai in Q3 2018, according to a new report from Bayut.com, which stated that prices for rental apartments decreased slightly, with the most significant decreases being for two-bedroom units in Deira and International City, where prices fell by as much as 8%.

In other areas, such as Al Nahda, Dubai Sports City and Jumeirah Lakes Towers, rents were more or less stable when it came to rents throughout the quarter.

The most searched for area, according to Bayut, remains Dubai Marina, where the average cost for renting a studio is AED 55,000, compared to AED 81,000 for one-bedroom and AED 120,000 for two-bedrooms.

When it came to sales, most areas reported a fall in prices, particularly for studios in International City (-8%). As with apartment rentals, Dubai Marina remained the most popular choice for apartment sales. Prices in the area remained generally stable compared to Q2, with the average price for a studio at AED 850,000, compared to AED 1.21m for one-bedroom and AED 2m for two-bedroom apartments, which implies that gross rental yields of 7-8% are still possible in Dubai Marina.

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