Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Dubai Prime Housing Value Growth Slows on State Cooling

Jan. 27 (Bloomberg) -- Dubai luxury-home prices increased at the slowest pace in more than a year in the last quarter of 2013 as government measures to cool the emirate’s rebounding property market took effect.

Values of prime apartments and villas rose 15 percent in the fourth quarter from a year earlier, Knight Frank LLP said in a statement today. Prices will increase by 10 percent to 15 percent this year, the London-based broker estimated.

Dubai’s government has taken steps including doubling the transaction tax on homes to 4 percent as it tries to avoid a repeat of the property bubble that burst in 2008. The central bank also imposed limits on the size of mortgages being offered to foreigners buying properties in Dubai.

Fourth-quarter value growth was the weakest since mid-2012 and a drop from an average increase of 21 percent during the previous four quarters, Knight Frank said. Despite the government moves, prices will continue to rise as the supply of new properties dwindles and business confidence is boosted by Dubai’s selection as the site of the Expo 2020 world fair. Prime-home prices are still about a third lower than they were at the market’s peak, the broker said.

To contact the reporter on this story: Ross Larsen in London at

To contact the editor responsible for this story: Andrew Blackman at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.