In a report released by the property consultancy Jones Lang Lasalle today, the Dubai residential market is showing first signs of stabilization.

The latest quarterly analysis on Dubai done by the company shows that a decrease to 65 in the decline in the achieved prices, compared to the first three months of the year, down to around Dh950 per square foot.

By this, the total decline comes to 37%, since the market was at its highest during the third quarter last year.

The report specified that a quicker fall has been seen in the asking prices, which plunged 24 per cent to around Dh1, 000 per square foot, from the first three months of the year, when buyers were asking for Dh1, 300 a square foot.

Craig Plumb, the head of research at Jones Lang Lasalle MENA said, "The narrowing gap between asking prices and achieved prices is a further indication that the market is beginning to stabilise, albeit at significantly lower levels of pricing than those seen earlier in the year."

The report said that the number of transactions in the second quarter this year stood at 845, compared to 975 in the first one. A decrease was seen in the transactional volume on a year on year basis.