Abu Dhabi Sees World's Biggest Property Price Decline In 2017
Abu Dhabi's real estate market saw the largest annual price declines in the world during the fourth quarter of 2017, according to consultants Knight Frank.
House prices in the UAE capital fell by 9.1 percent in the year, placing it at the bottom of the latest global list of 150 countries. Neighbour Dubai fared little better and was ranked 141st in the list with an annual price fall of 3.8 percent, Knight Frank said.
The Knight Frank Global Residential Cities Index Q4 2017 showed that average global prices increased by 4.5 percent in 2017, down from 7 percent a year earlier.
Berlin led the annual rankings for 2017, ahead of Izmir in Turkey and Reykjavik in Iceland while Chinese cities registered a marked slowdown in 2017 averaging 1.6 percent growth.
US cities averaged 6.3 percent growth in 2017, despite four rate rises since December 2016 while Spain's Seville and Hong Kong stood out as the most improved markets in 2017.
Analysis on a country-by-country basis showed Iceland was home to the strongest-rising urban house prices and Peru the weakest in 2017.