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Dubai is still the most expensive property market among developing countries, a new study finds.
Consultancy Reidin compared the city to 58 others and found it has the highest residential property prices.
Expatriates looking to buy will have to fork out £4,759 per square metre – more than if they were to move to Singapore £4,487, Hong Kong £3,671, Beijing £3,059 and Tel Aviv £2,855.
The global slowdown has reduced Dubai’s prices by 41 per cent in the first quarter of the year, according to separate research by property consultancy Colliers.
Values had risen during the previous two years and could fall further still, says Colliers chief operating officer John Davis "but it won’t see the same drastic fall that we have seen in the first quarter".
Dubai has attracted large numbers of construction workers as it continues on a path of redevelopment.
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