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Dubai: Property sales in Dubai have taken a significant drop in the year to end August, totalling Dh31.74 billion against the Dh39.56 billion from a year ago, according to the report issued by CBRE.
"The market is highly fragmented with some affordable locations achieving growth whilst other areas witnessed more pronounced drops," the company said in a report.
On a quarter to quarter basis, sales were down 2 per cent from the second quarter, while rentals across Dubai remained static, it added.
An estimated 62,000 new homes could be added to the existing stock between the third quarter this year to to 2018, with 81 per cent being apartments.
Source: Staff Report, gulfnews.com