Landmark Advisory, a leading real estate consultancy firm, sees a further decline in property rates in Dubai.

As a reference for clients looking at property in the market, it has issued a sales price guide for Dubai, in a follow up to a leasing price guide released earlier.

Landmark is keen on adding greater transparency in the UAE market as there are limited market players stepping forward with information for the public, a statement said.

“We have witnessed a price drop in the market that while continuing is showing signs of stabilising in certain locations,” said Charles Neil, CEO, Landmark Advisory.

“Sales prices vary markedly between locations, and we are focusing on producing monthly reports to accurately portray the market and be as relevant as possible to our clients using our guides as a reference when purchasing a property.”

According to Landmark Advisory, average prices one year ago declined 23 per cent for a Springs townhouse from Dh1,100 ($300) per sq ft to Dh851 ($232) per sq ft.

For a medium-range quality one-bedroom Marina Apartment prices declined 32 per cent in the past year from Dh1,696 per sq ft to Dh1,172 per sq ft.

“Prices in our sales map are taken from actual transactional data sampled at the end of Q1 -2009 transactions,” added Neil.

“There has been a high demand for this information from our clients and investors, and we’re on track to frequently produce these maps to empower clients with the knowledge to make sound property decisions in this market.”

Landmark Advisory published leasing price maps in March to guide tenants on how to aggressively negotiate with landlords for fair market values. – TradeArabia News Service