Bayshore Real Estate Director Arif Khan. [File Photo]

Property prices have dropped in the country and consumer confidence is at a very low level say Real Estate agents.

Bayshore Real Estate Director Arif Khan says most people are making offers much lower than the valuation price.

He adds because of the situation of the current market, they have been forced to reduce the property prices.

“We listed a freehold property in the market for $500,000 but buyers could not get financing due to their employment and we ended up selling it for $300,000.”

Khan claims for the past six months they have seen a decline of almost 30 percent in the residential and commercial sales.