(MENAFN) Dubai property market witnessed a decrease in the total values of houses by 0.8 percent in the first quarter, Cluttons Spring Dubai Residential Market Outlook report read, Arabian Business reported.
The percentage compares to 0.5 percent decline recorded in the corresponding period last year and it is 19.4 percent less than the third quarter of 2008 unprecedented highest peak.
"The Federal Mortgage Caps have been in place for over a year now and the impact on the villa market has been particularly pronounced." Chief executive at Cluttons Middle East said, commenting on the effects on villas.
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