Apartment prices are witnessing declines across the Dubai sales market.

That’s according to a new report by real estate consultancy Asteco, which states that the high end of the market was hit the hardest, with Downtown and Marina areas seeing falls of 7% year-on-year.

In rentals, apartments saw an 8% drop in rates across the year with Palm Jumeirah seeing a fall of 14%.

Landlords are having to offer more flexible terms due to an increased in available flats as well as competitive rates.

This follows on from a recent report by the same firm which found that rents in the capital have also fallen by 8% are set to decline further this year.