The most significant rent declines were recorded in Deira and International City, according to new data from Bayut.com

Real estate purchase and rental prices have fallen modesty in the third quarter of 2018, according to a new report from Bayut.com.

According to Bayut data, prices for renting apartments decreased slightly, with the most significant decreases being for two-bedroom units in Deira and International City, where prices fell by as much as 8.3 percent.

In other areas, such as Al Nahda, Dubai Sports City and Jumeirah Lakes Towers, rents were more or less stable when it came to rents throughout the quarter.

The most searched for area, according to Bayut, remains Dubai Marina, where the average cost for renting a studio is AED 55,000, compared to AED 81,000 for one-bedroom and AED 120,000 for two-bedrooms. Across Dubai, rents were found to not have fallen drastically in any of the top 10 locations compared to the previous quarter.

When it came to sales, most areas reported a fall in prices, particularly for studios in International City (8.2 percent). In Jumeirah Village Circle, however, prices for studios went up from AED 440,000 in Q2 to AED 473,000 in Q3.

As with apartment rentals, Dubai Marina remained the most popular choice for apartment sales. Prices in the area remained generally stable compared to Q2, with the average price for a studio at AED 850,000, compared to AED 1.21 million for one-bedroom and AED 2 million for two-bedroom apartments.

Most other areas showed a decline in average sales prices, with the exception of Jumeirah Beach Residences, where prices for studios went up from AED 1 million to AED 1.15 million in Q3. Prices for one-bedroom apartments remained stable at AED 1.5 million, while two-bedroom apartments went up from AED 2.1 million in Q2 to AED 2.2 million in Q3.

“The average fall in property prices for this quarter is in line with the trends we saw in the H1 market report,” said Bayut CEO Haider Ali Khan. “It’s definitely still a buyers and renters market, but modest decreases in price suggest potential bottoming-out across the emirate.

Ali Khan added that “the time is perfect to invest and become homeowners or upgrade to bigger rental properties in Dubai and benefit from decreased prices floating in the market at the moment.”

The Bayut report also noted there a number of sub-communities are significantly more popular among buyers and renters. Al Reem, for example, made up over 46 percent of total searches in Arabian Ranches, while Living Legends in Dubailand constituted almost half – 49 percent – of searches in the area.

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