Dubai’s real estate sector will “hover” near the bottom of the market while it undergoes a “period of stabilisation” over the coming year, even as the rate of decline of sale and rent prices slows on a quarter-by-quarter basis, according to Dana Salbak, the head of MENA research at real estate invest and advisory firm JLL.

‘That was not something sustainable in the long-run,” she said. “We started to see prices and rental rates subside and slow down over the last couple of years.’