Dubai house prices fall 19% in October

In one month. ONE month.

Wall Street Journal:

DUBAI -- This city's six-year property boom appears finally to be over, with asking prices for some homes here falling as much as 19% in October from the previous month, according to a closely followed survey.
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Analysts at HSBC Holdings PLC said Wednesday that average asking prices for homes in Dubai fell 4% in October from September. Advertised prices for upscale Dubai "villas"--typically stand-alone homes in a master development--fell by 19% month-on-month, the bank found. In next-door emirate Abu Dhabi, average home prices fell 5%. (See full HSBC report.)

The report included only prices for the so-called secondary market. That includes second-hand homes. But it also includes unfinished property that investors bought from developers in the hope of selling again quickly for a profit.
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Shares in Emaar Properties PJSC, a partly government-owned developer that is building the world's tallest skyscraper here, finished down almost 79% from its 52-week high in January.

The government and developers have scrambled to reassure investors. On Wednesday, Emaar said in a statement it would relax payment plans for customers in a bid to attract new buyers. Emaar's chairman, who is also part of the Dubai government, said earlier this week the emirate had established a committee to study ways to bolster confidence in the market.