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Sat 19 Oct 2019 12:10 AM

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How Dubai property price declines compare globally

Knight Frank's latest Global Residential Cities Index shows that prices in Dubai dropped by 9.4% between Q2 2018 and Q2 2019

How Dubai property price declines compare globally
Property prices in Dubai have fallen by more than nine percent over the past year, according to Knight Frank.

Property prices in Dubai have fallen by more than nine percent over the past year as real estate markets in a number of the world's tier one cities struggle, according to new research.

Knight Frank's latest Global Residential Cities Index, which covers a total of 150 cities, showed that prices in Dubai dropped by 9.4 percent between the second quarter of 2018 and the end of June this year.

The report revealed that a number of the world's top cities find themselves in the bottom third of the index rankings this quarter, including London, New York, Auckland, Rome, Dubai and Sydney.

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In a number of these cities, the prime sector continues to outperform the mainstream market, while in others, analysis of price movements in the last quarter suggest their rate of decline is starting to slow, it added.

In the latest report, Dubai's property price decline was only exceeded by Sydney (9.6 percent).

Globally, Xi’an in China was the city with the highest rate of annual growth in Q2 (25 percent) while the average annual price growth across the 150 cities was 3.5 percent.

Knight Frank said 80 percent of the cities analysed saw price rises in the year to Q2 with 5.9 percent average annual price growth across cities in emerging markets and 2 percent average annual price growth across cities in developed markets.