Dubai property prices fall for first time in five years as market shifts gears

Average residential sales prices fell 1.7 per cent year-on-year in August to Dh1,636 (about A$675) per square foot, according to Cavendish Maxwell data reported by Khaleej Times. Prices were also down 1.3 per cent over the latest three-month period. It marks the first year-on-year fall in average home prices since February 2021 and follows an extended period of strong price growth that transformed Dubai into one of the world’s most closely watched residential markets. However, the latest figures point towards a cooling market rather than a collapse. Almost 10,900 homes changed hands during August, with sales worth Dh23.4 billion, while…