London-based property broker, Cluttons has said that villa prices in Dubai have dropped by 5.1% and apartment values fell 2.4% in Q4 2010, compared to the three months previous, Bloomberg has reported. The broker said that 35,000 homes are expected to be completed in Dubai over the next two years. “As supply continues to increase, drops in values will be unavoidable,” Cluttons said. “We are continuing to see the flight to quality in both the sales and rental markets as the more desirable locations become increasingly affordable.”
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