(MENAFN) The Dubai real estate market registered a decrease by 22 percent in the total value of property transactions during July and August compared to the same months last year while rents registered a fall by 1 percent since July 1, ending 10 consecutive quarters of growth, Arabian Business reported.
The decrease is mainly caused by an increase in newly completed residential projects as well as a quieter holiday period during summer.
During July and August, 2.525 freehold residential transactions reached USD1.4 billion which is a significant decline compared to USD1.81 billion during the same period last year.
The majority of property transactions happened in Dubai's prime residential areas of Dubai Marina, Downtown Dubai, Emirates Living and The Palm Jumeirah, reaching a total of USD830.16 million, representing 59 percent of total residential investment made in the cited period.
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