The UAE cities of Dubai and Abu Dhabi have both been named in the bottom 12 percent of real estate markets in relation to price growth over the past year.
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It said prices in Dubai have fallen by 1.8 percent on average in the 12 months to September while prices fell by 3.1 percent in the UAE capital in the same period.
Six Indian cities sit within the top 20 rankings while Budapest is the European city with the highest rate of annual growth (19 percent).
Of the 150 cities tracked, 123 (82 percent) registered a rise in residential prices over the 12-month period with several first tier cities such as London, Melbourne, Shanghai and Kuala Lumpur seeing prices slip on an annual basis.
Knight Frank said a mix of economic stagnation, high rates of new supply and affordability constraints are contributing to softening prices in a number of these urban markets.
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