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Dubai Property Prices Fall Most in the World, Knight Frank Says

  • Real estate prices in Dubai fell 12.2 percent in year to June
  • Drop set to continue during the second half, says Cluttons
Over the past decade, Dubai’s property market has swung from boom to bust and back again.

Over the past decade, Dubai’s property market has swung from boom to bust and back again.

Photographer: Chris Ratcliffe/Bloomberg

Dubai property prices fell by 12.2 percent during the past year, the largest drop in the world, according to real estate consultancy Knight Frank.

The decline in the twelve months through June was the biggest in 56 mainstream residential markets and larger than the 12 percent fall in real estate prices in Ukraine, which has been hit by almost two years of protests, a separatist insurgency, and political upheaval, Knight Frank said Tuesday in a report. Prices in Dubai fell 2.8 percent in the second quarter. Hong Kong was the best performing residential market, with prices up by 20.7 percent.