The global recovery in house prices is "losing steam", a new report has found. After widespread increases in the first half of this year, 56 per cent of the countries tracked by Knight Frank's Global House Price Index reported declines in the third quarter.
Property prices in Dubai dropped 6.1 per cent in the third quarter compared with the same period last year. Property prices in the emirate have dropped 10.1 per cent in the six months to the end of September, the biggest drop of the markets tracked by Knight Frank in that period.
The company's assessment for Dubai is in line with other reports. Colliers Internationalrecorded a 6 per cent drop in the third quarter from the second quarter, hitting its lowest level since the second quarter last year.
"I think the issue in a lot of these markets [like Dubai] is that it is difficult to find where prices level off," said Liam Bailey, Knight Frank's head of residential research.
"There is no historical benchmark."
Asia continued to post the strongest results, with Hong Kong prices up 21.3 per cent from the same period last year. Beijing and Shanghai are up 21.1 per cent and Singapore prices are 20 per cent higher, says Knight Frank.
Europe is a marked contrast. Ireland is the worst performer of the 48 countries tracked by Knight Frank, posting a 14.8 per cent decline on last year's third quarter. Spain is down 3.7 per cent, while Greece is down 3.1 per cent. In the UK prices dropped 0.8 per cent, although the market is still up 4.5 per cent compared with last year's figure.
"There is still a lot of concern about the debt crisis and the ongoing problems in credit markets around the world," said Mr Bailey. "Banks have become more risk-averse."
In total, 14 countries reported negative growth in the third quarter after posting several quarters of gains, says Knight Frank. Overall, the global index increased 3.1 per cent, down from a 4.3 per cent increase in the second quarter.
In the US, annual growth has fallen to 0.6 per cent, with average prices at mid-2003 levels.
kbrass@thenational.ae
Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
* Agence France Presse
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
