Dubai goes cold

The average price of a Dubai property tumbled by 41 per cent in Q1 of this year, according to a report compiled by Colliers International...

This is the latest of numerous reports showing the extent to which Dubai's property boom of recent years has come to a halt, in light of the global financial crisis.

The 41 per cent drop in prices between January and March followed an eight per cent fall in the previous three-month period.

Colliers added that most speculators have now exited the property market in Dubai, and that prices were likely to continue falling.

"The heat has gone out the market completely," said Colliers' Middle East Chief Executive John Davis.

Source: www.homesoverseas.co.uk/news