Property buyers have more negotiating power as prices drop

If you are looking for a new home in Discovery Gardens, Jumeirah Islands, Arabian Ranches, Emirates Living or Dubai Sports City, you’re in for a bargain.

The average annual prices in these areas have dropped by more than 11 per cent, according to the real estate firm Cavendish Maxwell's latest Dubai House Price Index. 

Meanwhile, property values across the rest of the emirate fell by 10.6 per cent.

Overall, the average house price in Dubai decreased to AED 2.6 million, while apartment price remained relatively stable at AED 1.8 million.

The study also indicates the continued dominance of off-plan apartment transfers, but the overall volumes are lower compared to a year ago.