December 4, 2018 / 6:19 AM / 5 months ago

Dubai property prices sink 7.4 pct y/y in Q3 report

DUBAI, Dec 4 (Reuters) - Residential real estate prices sank 7.4 percent from a year earlier in the third quarter of 2018, with the drop accelerating from a 5.8 percent fall in the second quarter, the United Arab Emirates central bank said in a report on Tuesday.

The central bank quoted the REIDIN residential sales price index, which showed prices fell 2.5 percent from the previous quarter. Prices have been falling month-on-month almost continuously since the start of 2017 because of a worsening supply/demand balance.

Abu Dhabi residential real estate prices dropped 6.1 percent year-on-year in the third quarter after a 6.9 percent slide in the second quarter. (Reporting by Andrew Torchia; Editing by Amrutha Gayathri)

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