The Middle East financial hub's real estate market has steadily contracted since mid-2014 as foreign investor interest cooled.

Prime market prices declined 19.8% in the past five-years to $600 a square foot "due to high levels of new build stock and global economic uncertainty," Savills said on Monday.

Savills defines prime properties as those in the top 5% of the market by price, according to its website.

Analysts say the overall market is down by at least a quarter since mid-2014.

Dubai's largest listed developer, Emaar Properties , recorded a 7.4% decline in second-quarter profit.