Dubai tops global list for house price declines

DUBAI: Dubai property prices declined nearly 50 percent in the last year, according to a new report, making it the worst performing real estate market in the world.

The latest Knight Frank Global House Price Index for Q3 2009 surveyed house prices in 42 countries and Dubai was the worst performer on the list, with prices falling 47 percent year-on-year.

The index showed lower prices in 57 percent of the world's residential property markets, with Dubai prices falling the most, and Israel performing best, recording a 13.7 percent increase.