House prices in Dubai slipped by 3.7% in the first quarter 2015 compared with the fourth quarter 2014, according to a new report.
The Global House Price index of Knight Frank revealed a 6.1% decline over the past 12 months, putting the emirate at 53rd position in the list of 56 countries.
However, the consultancy's Prime Global Cities Index, which tracks the performance of luxury residential prices, with Dubai being listed among the cities that have outperformed the index since 2009.
Dubai-based Phidar Advisory said in its new report that property prices and rentals had declined during the six weeks of second quarter 2015, but the ongoing erosion of sale prices was a healthy correction.
JLL, a global real estate consultancy, has also said Dubai is expected to consolidate its position as the top city for corporate occupiers in the Middle East and North Africa region over the next three years.