DUBAI - A NEW report shows home prices in Middle East boomtown Dubai tumbled 8 per cent in the last three months compared with the previous quarter.
Colliers International, the real estate consultancy that issued the report on Tuesday, says the decline is the first it has seen since launching the price index a year ago.
The slump provides the strongest evidence yet that Dubai's property boom is hurting after years of double-digit growth.
Colliers blames the slide on tighter liquidity and negative investor sentiment.
Average prices remain 59 per cent higher year-over-year, but have slipped to levels not seen since about April 2008, Colliers says. -- AP
