(MENAFN) Dubai property transactions dropped 23 percent in the second quarter, while the weak property market is good news for renters who benefited from a 2 percent fall in rents for apartments and villas.
Additionally, the market has remained in the stagnation for almost three years as weak oil prices and a strong dollar, to which the UAE dirham is pegged.
Meanwhile, the broker still predicts a jump in activity in the second half of the year with sales and rents ticking up toward the final quarter of this year.
However, small units were more resilient to the fall as studios and one-bedroom apartments together with two and three-bedroom villas viewed the lowest falls.
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