Residential property prices in Dubai declined on average by 0.9 per cent year-on-year (Y-o-Y) in the third quarter of 2020, the UAE Central Bank said in its quaterly report citing data from the Dubai Land Department.

Meanwhile, rents in Dubai continued to decline, decreasing by 6.9 per cent Y-o-Y in the third quarter. The implied rental yield in Dubai moved to 6.6 percent in the third quarter, up from 6.3 per cent in the previous quarter, the report said.

The average price in the Abu Dhabi housing market increased quarter-on-quarter (Q-o-Q) by 0.9 per cent in Q3 2020, stated the report.

Although prices showed quarterly improvement, this was not enough to offset the negative momentum in earlier quarters, leading to an annual decline by 5.5 per cent, the report said.

According to the report, rents in Abu Dhabi declined by 3.9 per cent Y-o-Y in Q3 2020, after 4.9 per cent drop in the previous quarter.

the decline in rents by 0.4 per cent Q-o-Q compared to the increase in sale prices resulted in a decline in rental yield to 7.0 per cent in Q3 compared to 7.1 per cent in the second quarter, it added.

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