Arabian Business: Dubai sees world's biggest real estate reverse - study

By Andy Sambidge

Dubai suffered the biggest reversal among global housing markets in the wake of the global economic crisis, a new report reveals.The research by London-based property broker Knight Frank said house prices in Dubai fell 32 percent in the 12 months ended March 31, compared to a rise of 48 percent the previous year.

“A lot will depend on developers and how long they can hold on before getting into fire-sale territory,” said Nick Barnes, head of international residential research at Knight Frank in comments reported by newswire Bloomberg on Tuesday.