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UAE: Prices of luxury residential properties in Dubai decline in half / 1



UAE: Prices of luxury residential properties in Dubai decline in half / 1

UAE: Prices of luxury residential properties in Dubai decline in half / 1

DUBAI (Reuters)

Dubai: Luxury residential property prices in Dubai fell 1.9 percent in the first half of the year due to oversupply, property consultancy Savills said.

Dubai's real estate market has been shrinking steadily since mid-2014 as foreign investors have cooled.

Savills said on Monday that luxury property prices had fallen 19.8 percent over the past five years to $ 600 per square foot "due to rising levels of new construction stocks and global economic uncertainty".

for the market, in the world.

Since the months of 2014.

Emaar Properties, Dubai's largest listed developer, slumped 7.4 percent in the second quarter.
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