ID :
58165
Wed, 04/29/2009 - 14:47
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https://www.oananews.org//node/58165
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Dubai home prices fall 41 per cent; still rank world’s highest
Home prices in Dubai plunged by 41 per cent in the first quarter of the year compared to the previous three months, as a result of a loss of jobs and a drying up of bank credit during the economic slowdown, a property consultancy said on Tuesday.
According to the report published in "Khaleej Times" the price plunge, which erased nearly two years’ of gains in property values, was the second consecutive quarterly decline, Colliers International said. Colliers reported an 8 per cent decrease in home prices during the October-December period, the first quarterly decrease since Dubai’s property boom began.
With its home prices averaging around $7,000 per square metre, Dubai ranked first among 59 cities — even after property valuations in the emirate had plunged from their peak late last year, according to the study by REIDIN.com, an online real estate consultancy.
The study found Singapore to be the second most expensive city, followed by Moscow, Hong Kong, Beijing and Tel Aviv.
According to the report published in "Khaleej Times" the price plunge, which erased nearly two years’ of gains in property values, was the second consecutive quarterly decline, Colliers International said. Colliers reported an 8 per cent decrease in home prices during the October-December period, the first quarterly decrease since Dubai’s property boom began.
With its home prices averaging around $7,000 per square metre, Dubai ranked first among 59 cities — even after property valuations in the emirate had plunged from their peak late last year, according to the study by REIDIN.com, an online real estate consultancy.
The study found Singapore to be the second most expensive city, followed by Moscow, Hong Kong, Beijing and Tel Aviv.
