Dubai property prices slump back two years (From Asian Image)

Dubai property prices slump back two years

11:40am Monday 3rd August 2009

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House prices the once-booming Middle East city of Dubai have plunged by half from their peak last year.

Colliers International said prices in the sheikhdom shed 9% of their value between April and June, putting them 48% lower than during the same three months a year earlier.

The property consultancy says prices have now tumbled by half from their peak in the third quarter of 2008.

That leaves homes in the city-state - many bought as investment properties by middle class and wealthy foreigners - worth about as much as they were two years ago.

Colliers bases its index on mortgage data from local and international lenders.

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