Dubai's economy was impacted by measures introduced to counter Covid-19 over the second quarter, with a further decline in GDP expected to follow Q1's 3.5% contraction. These measures restricted broad activity over the second quarter, significantly reducing transaction volumes, especially across April and May.
Average apartment prices fell by 2.6% from Q1 2020, an increase in the rate of decline seen over Q1, with average villa prices seeing a more moderate fall of 1.2%. Average rents fell more significantly with a decline of 3.9% over Q2, following moderate declines of 1.5 the previous quarter.
Read the full report below, for an in-depth analysis of the Dubai residential sales and lettings market and more.