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28-05-20
Dubai posts 50 percent decline in real estate sales
(MENAFN)
Zawya said on Wednesday that Dubai saw a faster decline in April real estate values as the apartments and villas sales declined around 50 percent over the coronavirus outbreak.
Local consulting firm ValuStrat said that the monthly residential capital values drop in the Emirate widened from 0.8 percent to 1.9 percent in April, the capital values of April declined 10.8 percent compared to a year earlier.
The house prices for now come in at USD 249.11 per square foot on average, not far from the average rates recorded in 2011 and 2012.
ValuStrat said that the sales of apartments, hotel rooms, hotel apartments, offices, workshops and retail shops in the earlier month were few, as the cash-based sales transactions decreased 50 percent in comparison with March.
MENAFN2805202000450000ID1100234568
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