Dubai luxury property prices sliping

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Luxury residential prices in Dubai fell marginally by 0.8 percent in the year to the end of June, according to real estate consultancy Knight Frank.

Its half-year update of the Wealth Report, which analyses the movement of luxury property prices in 20 of the world’s key cities, showed that Dubai was one of four cities which registered a decline.

Other price drops were seen in London (-1.8 percent), Istanbul (-2.4 percent) and Vancouver (-6.2 percent).

This compared to Singapore which led the rankings with a 11.5 percent jump in prices, with Knight Frank saying the city has witnessed resurgent price growth due to rising foreign demand and high land bids by developers.

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