Dubai — Dubai residential property prices and rents are set to fall further as losses of high-paying jobs and dwindling household incomes boost vacancies across the city, according to Phidar Advisory. "The false start of early 2017 is over and the cracks are starting to show," Jesse Downs, managing director at Phidar, an advisory firm specialising in real estate, wrote in a report on Tuesday. "Sales volumes of completed properties are at a six-year low and vacancies are rising across the city." Prices of single-family homes, known locally as villas, slid 10.2% on average in the past 12 months, while apartment values remained unchanged. Villa rents dropped 4.9% while apartment leases fell 3.4% in the period, Phidar said. Dubai’s economy has been hit by the havoc inflicted by the drop in oil prices. Firms from banks to oil companies and even schools cut jobs to reduce costs amid a decline in business. The layoffs, along with weak job growth and a ballooning supply of properties, are d...
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