The prices in real estate in Siji, in the Fujairah region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Siji has had a strong decrease during the last 6 months. In April, the average price per sq.feet was AED 1,490. In the following month the price per sq.feet decreased to AED 1,310. In the following two months the price per sq.feet has barely changed, going from AED 1,400 to AED 1,412.5 per sq.feet. The price per sq.feet has had a considerable deflation of 47 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of AED 1,406.25 to AED 664 during August, and September.
Based upon to the price in Siji (cities), this has fallen considerably in the last 6 months. In our first sample month during April, the average price is AED 2,614,524. In May This price remains at AED 2,620,356. In the following two months the average price has remained the same with regard to the previous two months from AED 2,617,440 to AED 2,573,417.5. During the last two months the average price has had a strong fall compared to the previous four going from AED 2,595,428.75 to AED 1,283,468, which means a 49 % fall.