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The value of luxury residential property in major Gulf cities grew at the slowest rate in Dubai in 2014, a reverse of historical trends, according to a new report.
Prime real estate prices in Abu Dhabi rose the most in the region and ranked fifth globally with a 14.7% growth while Dubai prices edged up by just 0.3%, Knight Frank’s Prime International Residential Index (PIRI) revealed. The index also showed that luxury residential prices rose by 13.2% in Muscat (ranked 8th globally), by 6% in Riyadh (29th) and 5.3% in Doha (30th).
Some previously strong markets such as Dubai, which saw 17% growth in 2013, saw prices slow markedly due in part due to the UAE Central Bank’s mortgage cap, which is stricter for those purchasing properties above five million dirhams.
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