Luxury home prices in Dubai increased by the slowest pace in more than a year in the last quarter of 2013, amid a “flurry” of cooling measures introduced in the final months of 2013, according to a new report.
In the last quarter, both prime apartment and villa prices increased 15 percent year-over-year, seen as a slowdown when compared to the average growth rate of 21 percent recorded in the previous four quarters, property consulting firm Knight Frank said in a report.
After home prices in Dubai increased at a rapid pace last year, cooling measures were introduced due to fears of a reemerging housing market bubble.
Home prices in Singapore dropped for the first time since the first quarter of 2012, following government measures introduced last year to cool the property market. Prices fell 0.9 percent in the fourth quarter of 2013, according to the Urban Redevelopment Authority. The new data revises the estimate of an 0.8 percent drop released earlier this month.
The drop in the final quarter, helped drive prices lower for the full year. Home prices increased 1.1 percent in all of 2013, lower than the 2.9 percent increase in 2012. The country’s government started a campaign in 2009 to curb rapidly increasingly home prices. New measures were introduced last summer as prices continued to climb. Figures released earlier this month showed home sales in Singapore dropped more than 80 percent. Similarly, today’s data shows developers sold 14,948 units in 2013, compared to 22,197 homes sold in 2012.