House price rises in Dubai slowed dramatically in the first three months of 2014, said property consultancy Knight Frank.
But don’t get too excited – with the cost of buying a home shooting up by over a quarter, annual growth in the emirate is still the highest in the world.
Knight Frank’s latest Global House Price Index revealed that prices rose by 3.4 per cent in the first three months of 2014, compared to 9.2 per cent from October to December 2013.
Data showed Dubai topped the annual rankings for the fourth time in the past 12 months, recording price growth of 27.7 per cent in the past year to 31 March. But price rises slowed in the first three months of 2014.
The index, which analyses trends in more than 50 places worldwide, showed that prices in the emirate rose by 14.3 per cent in the six months to March.
China, Estonia, Turkey and Taiwan joined Dubai in the top five-performing real estate markets over the past year.
Globally, prices rose by 0.6 per cent in the first quarter of 2014, down from 1.2 per cent in the previous quarter.
Croatia, Cyprus and Greece were the weakest-performing housing markets in the 12 months to March, Knight Frank reported, adding that, of 14 countries recording a decline in house prices year-on-year, 12 were in Europe.
Kate Everett-Allen, head of International Residential Research at Knight Frank, said: “For the first time since 2008 no single country tracked by the Global House Price Index has recorded an annual price fall in excess of 10 per cent.”