Due to the market being oversupplied property prices in Dubai prime residential fell 1.9 percent in the first half of the year, real estate company Savills said.
The real estate market of the financial hub of the Middle East has gradually contracted since mid-2014, as foreign investor interest cooled.
Market preferential prices have fallen 19.8 percent in the last five years, to $ 600 per square foot “due to high levels of new construction inventories and global economic uncertainty”. said Savills on Monday.
Savills defines prime properties as those in the top 5pc of the market by price, according to its website.
Analysts say the global market is down at least a quarter since mid-2014.
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