Property index turns negative

31.05.2015
After several years of an upward trend, the property index in Dubai has turned negative - reflective of the slowdown in the sector. <p>Dubai property prices fell in April as the property index in the emirate turned negative for the first time in four years, The National reported. </p>

<p>The residential prices index started declining from the second quarter of last year – in line with the fall in oil and gold prices, according to Reidin, a property information company.</p>

<p>The index dropped about 3% in April from the same period last year, Reidin said. Apartment sales prices dipped 0.8% in April from March and declined 3.6% from a year ago.</p>

<p>Villa sales prices fell 1.8% month on month, but edged up 0.4% year on year.</p>

<p>The addition of 2,000 new apartments and villas in the first quarter of this year was expected to add to pressure on sales and rents, according to a report last month from MPM Properties, the real estate consultancy unit of Abu Dhabi Islamic Bank.</p>

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