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Dubai villa prices fall to lowest point in a decade

Dubai Villa Prices Fall

Dubai house prices plummeted to their lowest levels in over a decade last quarter, according to new data from U.A.E.-based property firm Cavendish Maxwell.

The average single-family home price sunk 24% over the past year to AED1.82 million (US$495,500), a level not seen in over 11 years despite a global recession and regional economic meltdowns over the past decade, according to data on website Property Monitor. The average house, referred to locally as a villa, is now…

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