Last Updated: Sat Dec 31, 2011 10:42 am (KSA) 07:42 am (GMT)

The Arabian Business: Dubai, Manama house prices fall up to 5% in 2011

Prime real estate prices in Dubai and Manama will finish the year up to five percent down on the start of 2011, Knight Frank has said in a new report.

The real estate consultancy added that the decline in prices in the Bahraini capital are set to drop faster in 2012.

In its forecast for next year, Knight Frank said Manama house prices were likely to fall by between 5-10 percent. It said it did not have the data to forecast Dubai prices for 2012.

Dubai home prices have dropped 64 percent from their peak in mid-2008 after the global credit crisis caused mortgage lending to dry up and drove speculators from the market.

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