PROPERTY PRICES, SALES CONTINUE DOWNWARD IN DUBAI

    

Residential property prices in Dubai continued to fall in the third quarter of 2015 and sales are falling, the latest published data shows. The phidar Dubai Real Estate International Demand index fell significantly in the first half of the year, which, according to the firm is driven primarily by currency fluctuations. According to Jesse downs, managing director of Phidar advisory, there is a lower level of international buyer coming to the market and this is related to currency exchange. Propertywire.com reports that she pointed out that in the first half of 2015 the midpoint exchange rates for all currencies included in the REIDI are down against the dollar compared to 2014, except the Chinese Yuan and Hong King Dollar. “This is not a measure of actual capital flows, but a real time indicator intended to assess the propensity for attracting capital inflows into Dubai real estate,” sales volumes for apartments and single family homes were down in July compared to the July 2014. However, Downs said that this is likely due to seasonal travel patterns shifting around the holy month of Ramadan.