Dubai named as one of the worst performing property markets

Dubai is one of the worst performing real estate markets in the world but the rate of price decline is slowing, according to a new global property report.

The emirate’s troubled property market, which has seen prices fall by up to 64% in some locations, was the ninth worst performing market in the world last year, according to the Global House Price Index from Knight Frank.

However, the results of a survey of the 50 biggest property markets in the world also show the rate of decline in Dubai has began to slow.

Ireland was named in the report as the worst performing real estate market, with house prices declining 12.9% in the twelve months to June 2011. Dubai recorded a decline of 4.7%.

Source: PropertyCommunity.com