Residential rents in Dubai fell 23% in the first quarter, with Discovery Gardens posting the biggest drop, while prime office rents declined 18% says CB Richard Ellis.

Both off plan and finished properties witnessed a sharp drop in sale prices over the last quarter, as the number of transactions fell by 60% from the corresponding period last year.

The fall in rents was particularly steep in Nakheel’s Discovery Gardens development, where the average rent for studios and one bedroom apartments fell by 28%.