In its newly released Prime Global Forecast for the year 2019, Knight Frank, the leading international realtor and property consultancy services predicted that the prices of the prime properties in Dubai is going to drop by almost 2.4% in the upcoming year.
Dubai comes as one of only three major global property markets which the forecast expects to witness a drop within the next year, with the other two being Mumbai, where the prices are predicted to drop by 5% and Hong Kong, where the property prices is predicted to fall 10%.
The report issued by Knight Frank cited multiple reasons that contributed to these predictions, namely the uncertain consequences of the Brexit, the increasing number of issued property market regulations and the increasing supply of prime properties in some markets.
On the other hand, the three major cities of Madrid, Berlin, and Paris came on the top of the property markets where prices are expected to grow in 2019, as the forecast predicted each of them to witness a 6% jump in its prime property prices. Meanwhile, both New York and Singapore were predicted to remain stable throughout the year.
This forecast release comes a few days after Knight Frank has released its Global Price Index for the third quarter of the year 2018, where Saudi Arabia was found to be the worst performing property market among all the 57 major global markets which the index studied.