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FinancialNews
03-09-19
15.3 percent plunge in Dubai real estate prices
(MENAFN) Real estate prices in Dubai, a City in the United Arab Emirates (UAE), registered a 15.3 percent decline in June 2019 on annual basis.
Cavendish Maxwell, a property consultancy in the UAE, revealed the price of villas in Dubai to have stood at an average of USD460,000 in July to mark a decline from the USD800,000 posted back in 2014.
According to the property consultancy, "as of June 2019, apartment and villa/townhouse prices have declined by 21.4% and 22.4% respectively, compared to their prices of AED 2.1 million and AED 5.6 million in September 2015."
Dubai last suffered from such a significant decline during the first quarter of 2009, when Lehman Brothers collapsed and global oil prices hit USD32 per barrel.
MENAFN0309201900450000ID1098957071
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