The fourth quarter of 2008 will likely show 'drop in overall residential prices' in Dubai, the property consultancy Colliers International said in a report released on yesterday.

The Dubai House Price Index has shown a declining rate of growth for prices in Dubai since the beginning of the year. In the third quarter prices grew by only five per cent compared to an increase of 43% in over the first quarter.

However, prices increased by 80% from the third quarter of 2007 to the the third quarter this year, the report found.

The National