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Tuesday Apr 28, 2009

Dubai home prices plummet

DUBAI, United Arab Emirates April 28 Sapa-AP
New research shows Dubai home prices plummeted during the first three months of the year.

Real estate research provider Colliers International said Tuesday its house price index dropped 41 percent from the previous quarter.

It is the second straight quarterly decline after years of rapid double-digit growth.

The index measures prices in parts of Dubai where foreigners have been allowed to buy property since the market was opened in 2002. Those areas were largely responsible for Dubai's property boom.

Year-over-year, prices dropped 34 percent in the first quarter. Colliers says that marks the first such decline.



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