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2019-09-05 — mansionglobal.com

Dubai house prices plummeted to their lowest levels in over a decade last quarter, according to new data from U.A.E.-based property firm Cavendish Maxwell. The average single-family home price sunk 24% over the past year to AED1.82 million (US$495,500), a level not seen in over 11 years despite a global recession and regional economic meltdowns over the past decade, according to data on website Property Monitor.

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The average house, referred to locally as a villa, is now trading for less than it did during the darkest days of the global financial crisis and subsequent credit crunch, which hit Dubai the hardest in 2010-11. It's also lower than at any point since oil prices crashed in 2015, according Property Monitor, which is powered by Cavendish Maxwell.

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While the Dubai economy remains relatively robust, powered by nearly 8 million foreign expats who live and work in the city, nonstop building has created a glut of housing that's prevented home values from appreciating in more than a decade.

Sprawling master-planned communities dotted with mansions have been hit the hardest.

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