Dubai – Mubasher: The value of the real estate’s secondary market deals in Dubai declined to AED 12.1 billion in the second quarter of 2018, compared to AED 14.4 billion in Q1-17.

Off-plan market’s transactions in the emirate decreased by 28 quarter-on-quarter to 80,000, according to a report conducted by Luxhabitat.

“This, in turn, has sparked a trend among landlords who are reinvesting and upgrading their properties to compete with the many new and modern developments recently handed over,” Arabian business reported, citing Luxhabitat’s rentals director Ryan Kasper as saying.

The value of Dubai’s prime residential market recorded AED 3.5 billion in the three-month period ended 30 June, the report found.

“So far, this year has reinforced that Dubai remains one of the most active and versatile rental markets in the world,” Kasper said.