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Property prices continue to fall in key UAE markets

UAE - January 14, 2019

The UAE cities of Dubai and Abu Dhabi have both been named in the bottom 12% of real estate markets in relation to price growth over the past year.

Knight Frank Global Residential Cities Index for Q3, which covers a total of 150 cities, ranked Dubai 138th and Abu Dhabi 140th.

It said that property prices in Dubai have fallen by 1.8% on average in the 12 months to September while prices fell by 3.1% in the UAE capital in the same period.

Globally, Chinese city Xi’an showed with the highest rate of annual growth (20%) while Turin in Italy was the worst performer (-13%) and the average rate of annual growth across the 150 cities is 4.5%.

Six Indian cities sit within the top 20 rankings while Budapest is the European city with the highest rate of annual growth (19%).

Of the 150 cities tracked, 123 (82%) registered a rise in residential prices over the 12-month period with several first tier cities such as London, Melbourne, Shanghai and Kuala Lumpur seeing prices slip on an annual basis.

Knight Frank said a mix of economic stagnation, high rates of new supply and affordability constraints are contributing to softening prices in a number of these urban markets.

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