 Dubai |
Prices in Dubai fell 47 percent in the last year, the largest drop reported in the latest Knight Frank Global House Price Index.
Overall, Knight Frank’s news was fairly upbeat, with 68 percent of the countries reporting upticks in the third quarter. However 57 percent of the countries were still lower than a year ago, led by Dubai, Bulgaria (down 28 percent) and Thailand (down 18.4 percent).
The report spotlights the rollercoaster in Asia, where Singapore is down 14.5 percent from a year ago, but posted a 15.2 percent jump in the quarter. Hong Kong prices are up 5.6 percent from a year ago.
The best performing markets were Israel, Austria, Malta, Switzerland and Australia.
“Those European countries yet to record their first quarter of growth since the credit crunch include Spain, Denmark and Ireland where an oversupply of stock is holding back prices,” said Liam Bailey, Knight Frank’s head of residential research.
Find the full report here.
