Dubai residential real estate markets fall by 8.8% in 2019

The UAE Central bank - in its annual financial report for 2019 - noted a decline in the region's average annual residential real estate prices.

In terms of Dubai's residential real estate market, data from Dubai Land Department (DLD) indicated that residential property prices in 2019 were down by 8.8% year-on-year.

The downward trend in property prices in the city's real estate market, has been accompanied by a fall in rents, which declined by 7.2% in 2019.

Consequently, the Dubai residential real estate market's rental yield remained unchanged at 6.4% in 2019, recording a slower pace of decline in rent relative to property values, the report stated. 

In terms of Abu Dhabi's residential real estate market, the average price in the emirate's housing market saw a decline by 7.7% in 2019, data inferred by property data provider REIDIN Data & Analytics indicated, as cited in the report. 

Meanwhile, rents in Abu Dhabi for 2019 were down by 7.5% year-on-year. 

Conclusively, the mutual declines in rents and prices implied an unchanged rental yield, at 6.9% in 2019