The residential prices across Dubai, UAE, continued to decline in the third quarter with a sharp drop in apartment lease and sales rates compared to the previous quarter, said a report.

Additionally, the quantity of announced residential projects in Dubai reached a saturation point in the third quarter, stated property expert Phidar Advisory in its residential research note.

“However, there is no reason to panic because some announced and even launched projects are not viable, so handover is not expected in the stated timeframe,” remarked Jesse Downs, the managing director of Phidar Advisory.