Dubai remains the most expensive emerging property market in the world despite the market slowdown and falling prices caused by the global credit crunch, according to Reidin, a consultancy.

In Reidin’s latest report, the city ranked first among 59 cities in 34 emerging markets, with the highest average residential property prices.

Dubai’s average rate as of February was about US$7,000 (Dh25,690) a square metre, the company said.

It was followed by Singapore, with an average sales price of $6,600 a sq metre, with Moscow at $6,000, Hong Kong $5,400, Beijing $4,500 and Tel Aviv $4,200.

The National