The prices of housing in Dubai suffered the biggest decline among global property markets during the first quarter, owing to economic crisis.
The British real estate brokerage, in its study released yesterday, said that the decline in prices in Dubai and Singapore was most dramatic, with 40 percent and 16.2 percent decline respectively.
Prices in the seaside emirate, which is home to man-made palm-tree shaped islands, declined 32 percent year-on-year in 12 months. Dubai had been the best performer on quarterly basis comparison during first quarter of 2008.
The booming property sector in Dubai is witnessing steep decline in prices, leading to project cancellations and job redundancies. The quarterly figures fell 41 percent as per the report by Colliers International, leading property consultant.
The prices could reach a stage wherein both investors and buyers think that the market has good value, but, people will also consider several other markets within the region, said Nick Barnes, Head of international research.
Dubai was the second worst performer year-on-year following Latvia, wherein the prices saw a decline by 36 percent. Dubai was followed by Singapore as the third-worst-performer with a decline of 24 percent in prices, followed by the US and Britain with 16.9 percent and 16.5 percent respectively. Posted on 1/6/2009
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