Dubai house prices record highest yearly decline in the world

House prices in Dubai suffered the biggest 12-month fall among global property markets but price declines are easing as global markets recover, a global property survey said.

Prices in Dubai fell 47.3% from the second quarter of 2008 to the the second quarter of 2009, Knight Frank said in its latest Global House Price Index.

"Prices are still falling in Dubai, but the decline has slowed sharply," the report said on Thursday.