Dubai property market cools rapidly

Dubai developers halted delivery of about a quarter of the properties set for completion this year, bolstering apartment rents but failing to stop a 16% price decline, according to international real estate advisor CBRE.

About 6,000 nearly completed homes sit empty in newer developments such as Dubailand, Jumeirah Village Circle and Dubai Sports City as some developers withhold keys from buyers, according to CBRE, which visits developments to assess the extent of construction on various projects.

Single-family home rents declined 4%, compared with a 14% drop in values, said Matthew Green, head of UAE research at CBRE, at a conference on Monday.