House prices fall by over 5%

09.12.2014
The Knight Frank Global House Price Index showed property prices in the emirate slumped 5.2% in the three-month period but were still up by 12.5% compared to Q3 2013. Dubai's real estate market recorded its first quarterly house price decline in four years, with prices falling more than five percent between June and September, Knight Frank said on Monday.
Arabian Business reported that the Knight Frank Global House Price Index showed property prices in the emirate slumped 5.2% in the three-month period but were still up by 12.5% compared to Q3 2013.
Knight Frank said the current mismatch between demand and supply is behind the fall.
"Residential sales have fallen sharply in recent months and there is a steady stream of new schemes reaching completion, which in turn is exerting downward pressure on prices," the real estate consultancy said in a report.
"With price growth in Dubai and much of Asia slowing, the Knight Frank Global House Price Index has lost its main engines of growth resulting in a rise of just 0.1 percent in the third quarter of 2014," it added.

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