Property prices have dropped more here than anywhere else in the world in the past year according to one real estate consultancy. 

Dubai’s property prices have fallen by 12.2 per cent in the past year: the largest drop seen in any city in the world according to real estate consultancy Knight Frank.

The firm studied prices in 56 global cities from June last year through to June this year, and Dubai came up top in terms of a drop – just ahead of Ukraine, where real estate prices fell by 12 per cent.

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On the flip side, Hong Kong was the best performing residential market, with prices there up by 20.7 per cent (ooh, we’re feeling for our expat friends who rent in Hong Kong right now).

Knight Frank attributes Dubai’s property decline to this year’s low oil prices, cooling measures put in place to help regulate the market and the weakening of currencies in Europe (particularly Russia).

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