Prime Dubai property prices slip less than 1% in past year
Knight Frank’s Prime Global Cities Index for Q2 ranked Dubai 35th out of 43 cities around the world for real estate performance in the year to the end of June.
The list showed that rate of decline in prime property prices in Dubai quickened during the last six months (-1.6 percent) but were just 0.8 percent lower than Q2 2017. It also showed that prices fell by 0.6 percent since the end of March.
Globally, Guangzhou (11.9%) led the annual rankings down from 16.1 percent last quarter as the index recorded its weakest rate of annual growth since 2012 (2.6 percent).
Knight Frank said the number of cities registering double-digit annual price growth declined from seven last quarter to three.
Kate Everett-Allen, partner, International Residential Research at Knight Frank said:
“The gap between the strongest and weakest performing city has shrunk from 33 to 20 percentage points in the last quarter.”