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Mazaya Monthly Real Estate Report -
Week 2 - January 2017
Dubai recorded a 10% fall in property
prices, while in Qatar, the decreasing
levels averaged 10%, forecasting a
continued drop in prices of residential
units, land and villas all over the
region in 2017. This decrease is
due to government tendencies
to correct pricing after the sharp
rise witnessed across the region’s
markets over the past period as well
as buyers’ willingness to wait for
property prices to reach certain levels.
Conclusion
The fall in property prices will reflect
positively on the levels of property
sales over the coming period, and the
declining rental rates are most likely to
provide tenants with more options that
cater to their needs, said the report,
concluding that the fluctuations in real
estatemarketsarelikelytopersistin2017
so long as oil returns remain unstable.
ThereportnotedthatGulfrealestatemarkets
managed to survive the challenges of 2016
and maintained their competitiveness
in foreign real estate markets, including
Turkey, Europe, US and Britain.
On this score, rental markets in the
UAE reported a price decline by the end
of the 3rd quarter of 2016, with Dubai
posting a 5% fall in flats and 7% in
villas’ rental prices. The Qatari market
followed suit but with different levels
as per property type and total space.
The report highlighted the slip in
liquidity levels and in the value of
land and residential units, with Saudi
Arabia posting 44%, 9%, and 29%
declines in the prices of residential
land, apartments and villas respectively.