Dubai house prices plummeted by 45%, making it the worst performing real estate market in the world, according to The Wealth Report 2010.

The new study, produced by Citi Private Bank and Knight Frank, also showed that Dubai was the biggest faller in the list of the world's 40 most influential cities.

The emirate, which has been hit hard by the impact of the global economic crisis, fell three places to 31 in a list based on their economies, political power, knowledge and quality of life.