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Dubai property prices sink 7.4% as jobs growth slows: UAE central bank

In an effort to bolster white-collar numbers, the UAE government last week announced a scheme to offer long-term visas to rich property investors, senior scientists and entrepreneurs

Reuters  |  Dubai 

Prices for Dubai's residential real estate sank 7.4 per cent in the third quarter of 2018 from a year earlier, with the drop accelerating from a 5.8 per cent fall in the second quarter, the United Arab Emirates central bank said in a report on Tuesday.  Prices have been falling quarter-on-quarter almost continually since the start of 2017 because of a worsening supply/demand balance. The central bank quoted the REIDIN residential sales price index, which showed prices fell 2.5 per cent from the previous quarter in July-September. Residential real estate prices in ...

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First Published: Tue, December 04 2018. 14:58 IST