Dubai's real estate market was one of the worst performing in the world during the first three months of this year with house prices down by nearly four percent, according to a new report.
Knight Frank's Global House Price index ranked Dubai 53rd out of 56 property markets analysed for annual price growth.
Only Ukraine, Cyprus and China performed worse for annual price growth, falling 15.5%, 8.2% and 6.4% respectively compared to Dubai's slump of 6.1%.
The real estate sector in Dubai has been among the most volatile globally over the past decade, swinging from boom to bust to boom again, Arabian Business reported. Prices recovered to near peak values after falling by about half from their 2008 highs, but are now weakening again.