Abu Dhabi property prices fall most in world
January 24, 2018 - Abu Dhabi
Abu Dhabi's real estate market saw the biggest decline in property prices in the world in 2017, according to a new report.
Knight Frank's Global Residential Cities Index 2017 ranked the UAE capital 150th out of 150 cities covered, with an annual property price slump of more than 9 percent.
Dubai, the only other Gulf-based city analysed in the report, was placed 134th with a 2 percent fall in prices year-on-year.
Nineteen of the 30 cities registered an increase in their rate of house price growth and only 11 saw their rate of growth decline.
Reykjavik topped the rankings, the only city to record annual price growth above 20 percent while Toronto slipped from the top spot to fourth place as the new foreign buyer tax influenced market sentiment.
Unlike the luxury end of the market, mainstream prices in Europe remained weak accounting for almost half of the cities registering an annual decline.
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